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Shanghai Jin Jiang International Hotels Q1 profit climbs 59.0% YOY

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Shanghai Jin Jiang International Hotels Q1 profit climbs 59.0% YOY

Shanghai Jin Jiang International Hotels Development Co. Ltd. said its first-quarter normalized net income was 15 fen per share, a gain of 19.2% from 13 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 120.7 million yuan, an increase of 59.0% from 75.9 million yuan in the prior-year period.

The normalized profit margin climbed to 14.1% from 11.8% in the year-earlier period.

Total revenue grew 41.5% on an annual basis to 909.0 million yuan from 642.5 million yuan, and total operating expenses increased 41.0% year over year to 896.0 million yuan from 635.7 million yuan.

Reported net income increased 59.1% from the prior-year period to 153.7 million yuan, or 19 fen per share, from 96.6 million yuan, or 16 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.