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First Hotel Q1 profit climbs 39.5% YOY

First Hotel Co. Ltd. said its first-quarter normalized net income was 15 Taiwan cents per share, an increase of 39.5% from 11 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$72.9 million, a gain of 39.5% from NT$52.3 million in the year-earlier period.

The normalized profit margin increased to 78.4% from 58.2% in the year-earlier period.

Total revenue rose on an annual basis to NT$93.0 million from NT$89.9 million, and total operating expenses declined on an annual basis to NT$35.8 million from NT$37.3 million.

Reported net income grew 39.5% from the prior-year period to NT$96.8 million, or 20 cents per share, from NT$69.4 million, or 14 cents per share.

As of May 12, US$1 was equivalent to NT$30.75.