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Scandic Hotels Q3 profit falls YOY

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Scandic Hotels Q3 profit falls YOY

Scandic Hotels Group AB (publ) said its third-quarter normalized net income amounted to 83 Swedish öre per share, a decline of 22.1% from 1.06 kronor per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 66.3 million kronor, a decrease of 22.1% from 85.2 million kronor in the year-earlier period.

The normalized profit margin declined to 2.1% from 2.8% in the year-earlier period.

Total revenue climbed 9.3% year over year to 3.27 billion kronor from 3.00 billion kronor, and total operating expenses grew on an annual basis to 2.92 billion kronor from 2.80 billion kronor.

Reported net income fell 17.3% on an annual basis to 103.2 million kronor, or 1.29 kronor per share, from 124.8 million kronor, or 1.56 kronor per share.

As of Nov. 17, US$1 was equivalent to 8.75 Swedish kronor.