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Best Hotel Properties as H1 profit falls YOY

Best Hotel Properties as said its normalized net income for the first half was 7 euro cents per share, a decline of 16.6% from 8 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 €2.4 million, a decline of 16.6% from €2.9 million in the year-earlier period.

Total revenue grew year over year to €16.0 million from €15.4 million, and total operating expenses totaled €13.7 million, compared with €13.8 million in the year-earlier period.

Reported net income fell 21.1% on an annual basis to €3.4 million, or 10 cents per share, from €4.3 million, or 12 cents per share.