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First Hotel Q3 profit climbs 17.1% YOY

First Hotel Co. Ltd. said its normalized net income for the third quarter was 24 Taiwan cents per share, a gain of 17.1% from 21 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NT$117.1 million, an increase of 17.1% from NT$100.0 million in the prior-year period.

The normalized profit margin increased to 133.2% from 106.6% in the year-earlier period.

Total revenue fell 6.3% on an annual basis to NT$88.0 million from NT$93.9 million, and total operating expenses fell 18.7% year over year to NT$31.3 million from NT$38.5 million.

Reported net income rose 17.4% from the prior-year period to NT$157.6 million, or 32 cents per share, from NT$134.3 million, or 28 cents per share.

As of Nov. 12, US$1 was equivalent to NT$32.73.