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Grand Plaza Hotel swings to profit in Q4

Grand Plaza Hotel Corp. said its normalized net income for the fourth quarter was 5 Philippine centavos per share, compared with a loss of 4 centavos per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.6 million pesos, compared with a loss of 2.3 million pesos in the year-earlier period.

The normalized profit margin increased to 2.1% from negative 1.8% in the year-earlier period.

Total revenue fell year over year to 126.7 million pesos from 132.2 million pesos, and total operating expenses fell 5.6% year over year to 130.0 million pesos from 137.8 million pesos.

Reported net income totaled 1.5 million pesos, or 3 centavos per share, compared to a loss of 2.5 million pesos, or a loss of 5 centavos per share, in the prior-year period.

For the year, the company's normalized net income totaled 11 centavos per share, a gain from 5 centavos per share in the prior year.

Normalized net income was 6.0 million pesos, a rise from 2.5 million pesos in the prior year.

Full-year total revenue declined year over year to 447.4 million pesos from 466.9 million pesos, and total operating expenses declined 5.3% year over year to 459.4 million pesos from 485.1 million pesos.

The company said reported net income rose year over year to 5.8 million pesos, or 11 centavos per share, in the full year, from 393,900 pesos, or 1 centavos per share.

As of Feb. 22, US$1 was equivalent to 47.59 Philippine pesos.