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Hotéis Othon swings to profit in Q3

Hotéis Othon S.A. said its third-quarter normalized net income amounted to 17 Brazilian centavos per share, compared with a loss of 19 centavos per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.2 million reais, compared with a loss of 3.5 million reais in the year-earlier period.

The normalized profit margin climbed to 7.1% from negative 10.0% in the year-earlier period.

Total revenue rose 29.9% year over year to 45.3 million reais from 34.9 million reais, and total operating expenses declined on an annual basis to 32.4 million reais from 33.3 million reais.

Reported net income came to 4.2 million reais, or 23 centavos per share, compared to a loss of 4.8 million reais, or a loss of 26 centavos per share, in the year-earlier period.

As of Nov. 11, US$1 was equivalent to 3.49 reais.