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Green World Hotels swings to loss in Q1

Green World Hotels Co. Ltd. said its first-quarter normalized net income amounted to a loss of 9 Taiwan cents per share, compared with 16 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$4.4 million, compared with income of NT$8.0 million in the year-earlier period.

The normalized profit margin declined to negative 2.5% from 32.4% in the year-earlier period.

Total revenue climbed year over year to NT$178.4 million from NT$24.6 million, and total operating expenses increased year over year to NT$179.3 million from NT$11.8 million.

Reported net income came to a loss of NT$8.4 million, or a loss of 17 cents per share, compared to income of NT$12.7 million, or 25 cents per share, in the prior-year period.

As of May 13, US$1 was equivalent to NT$32.68.