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Allied Hotel Properties Q3 profit climbs YOY

Allied Hotel Properties Inc. said its normalized net income for the third quarter came to C$410,000, a gain from C$176,880 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 9.8% from 5.4% in the year-earlier period.

Total revenue grew 29.0% on an annual basis to C$4.2 million from C$3.3 million, and total operating expenses increased 20.5% year over year to C$3.3 million from C$2.8 million.

Reported net income grew year over year to C$656,000, or 1 cents per share, from C$283,000, or 0 cents per share.