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Saigon Hotel Q2 profit climbs 59.9% YOY

Saigon Hotel Corp. said its second-quarter normalized net income amounted to 120.33 dong per share, an increase of 59.1% from 75.63 dong per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 426.2 million dong, an increase of 59.9% from 266.5 million dong in the year-earlier period.

The normalized profit margin fell to 5.0% from 5.1% in the year-earlier period.

Total revenue rose 63.1% year over year to 8.55 billion dong from 5.24 billion dong, and total operating expenses increased 44.9% from the prior-year period to 7.63 billion dong from 5.27 billion dong.

Reported net income rose 24.6% year over year to 524.1 million dong, or 148.00 dong per share, from 420.5 million dong, or 119.34 dong per share.

As of July 17, US$1 was equivalent to 21,813.50 dong.