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Allied Hotel Properties Q1 loss widens 60.5% YOY

Allied Hotel Properties Inc. said its first-quarter normalized net income amounted to a loss of C$616,880, compared with a loss of C$384,380 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to negative 38.3% from negative 19.9% in the year-earlier period.

Total revenue fell 16.8% year over year to C$1.6 million from C$1.9 million, and total operating expenses rose 7.3% on an annual basis to C$2.4 million from C$2.2 million.

Reported net income totaled a loss of C$987,000, or a loss of 1 cents per share, compared to a loss of C$615,000, or a loss of 1 cents per share, in the prior-year period.