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Hotel Royal Chihpen Q3 profit falls YOY

Hotel Royal Chihpen said its normalized net income for the third quarter came to 20 Taiwan cents per share, a decline of 46.4% from 37 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$7.7 million, a decline of 46.4% from NT$14.4 million in the prior-year period.

The normalized profit margin fell to 9.0% from 14.5% in the year-earlier period.

Total revenue declined 13.4% on an annual basis to NT$86.1 million from NT$99.4 million, and total operating expenses fell from the prior-year period to NT$74.2 million from NT$76.8 million.

Reported net income fell 47.7% from the prior-year period to NT$10.0 million, or 26 cents per share, from NT$19.2 million, or 49 cents per share.

As of Nov. 12, US$1 was equivalent to NT$32.73.