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Pleasant Hotels International Q1 profit falls YOY

Pleasant Hotels International Inc. said its first-quarter normalized net income was 32 Taiwan cents per share, a decrease of 16.7% from 38 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$7.2 million, a decline of 16.6% from NT$8.7 million in the prior-year period.

The normalized profit margin declined to 10.0% from 12.7% in the year-earlier period.

Total revenue grew 5.6% on an annual basis to NT$72.3 million from NT$68.4 million, and total operating expenses grew 11.2% year over year to NT$61.5 million from NT$55.3 million.

Reported net income fell 17.5% on an annual basis to NT$9.5 million, or 42 cents per share, from NT$11.5 million, or 51 cents per share.

As of May 13, US$1 was equivalent to NT$32.68.