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China Lodging profit beats consensusin Q1

Huazhu Group Ltd. said its normalized net income for the first quarter was 89 fen per share, compared with the S&P Capital IQ consensus estimate of 16 fen per share.

The per-share result swung to a profit from the prior-year loss of 8 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 61.5 million yuan, compared with a loss of 4.9 million yuan in the year-earlier period.

The normalized profit margin increased to 4.3% from negative 0.4% in the year-earlier period.

Total revenue rose 18.8% year over year to 1.44 billion yuan from 1.21 billion yuan, and total operating expenses increased 12.0% year over year to 1.37 billion yuan from 1.22 billion yuan.

Reported net income came to 69.0 million yuan, or 1 yuan per share, compared to a loss of 7.5 million yuan, or a loss of 12 fen per share, in the prior-year period.

As of May 11, US$1 was equivalent to 6.50 yuan.