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Green World Hotels swings to loss in Q2

Green World Hotels Co. Ltd. said its second-quarter normalized net income was a loss of 44 Taiwan cents per share, compared with 2 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 a loss of NT$22.1 million, compared with income of NT$997,500 in the year-earlier period.

The normalized profit margin dropped to negative 14.0% from 7.2% in the year-earlier period.

Total revenue grew year over year to NT$157.6 million from NT$13.9 million, and total operating expenses rose year over year to NT$185.7 million from NT$12.9 million.

Reported net income totaled a loss of NT$35.8 million, or a loss of 71 cents per share, compared to income of NT$1.6 million, or 3 cents per share, in the year-earlier period.

As of Aug. 12, US$1 was equivalent to NT$31.39.