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Landis Taipei Hotel swings to loss in Q3

Landis Taipei Hotel Co. Ltd. said its third-quarter normalized net income was a loss of 3 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$2.3 million, compared with income of NT$1.1 million in the year-earlier period.

The normalized profit margin dropped to negative 1.0% from 0.4% in the year-earlier period.

Total revenue decreased 5.1% on an annual basis to NT$235.0 million from NT$247.5 million, and total operating expenses declined from the prior-year period to NT$238.5 million from NT$246.2 million.

Reported net income rose year over year to NT$5.6 million, or 8 cents per share, from NT$1.4 million, or 2 cents per share.

As of Nov. 12, US$1 was equivalent to NT$32.73.