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Best Hotel Properties as swings to profit in Q3

Best Hotel Properties as said its third-quarter normalized net income came to €2.0 million, compared with a loss of €1.1 million in the prior-year period.

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

The normalized profit margin increased to 11.6% from negative 7.1% in the year-earlier period.

Total revenue increased 9.4% on an annual basis to €16.8 million from €15.3 million, and total operating expenses decreased year over year to €14.6 million from €14.9 million.

Reported net income totaled €3.0 million, or 9 cents per share, compared to a loss of €1.4 million in the year-earlier period.