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Allied Hotel Properties swings to profit in Q2

Allied Hotel Properties Inc. said its normalized net income for the second quarter came to C$39,380, compared with a loss of C$169,380 in the year-earlier period.

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

The normalized profit margin increased to 1.3% from negative 6.3% in the year-earlier period.

Total revenue grew 17.5% on an annual basis to C$3.1 million from C$2.7 million, and total operating expenses increased on an annual basis to C$2.9 million from C$2.7 million.

Reported net income totaled C$63,000, or 0 cents per share, compared to a loss of C$271,000, or a loss of 0 cents per share, in the year-earlier period.