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Miramar Hotel & Investment H1 profit falls YOY

Miramar Hotel and Investment Co. Ltd said its first-half normalized net income was 35 Hong Kong cents per share, a decrease of 15.2% from 41 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 HK$200.7 million, a decrease of 15.2% from HK$236.7 million in the year-earlier period.

Total revenue declined 5.7% year over year to HK$1.48 billion from HK$1.57 billion, and total operating expenses fell on an annual basis to HK$1.12 billion from HK$1.14 billion.

Reported net income decreased 28.7% year over year to HK$623.0 million, or HK$1.08 per share, from HK$874.2 million, or HK$1.51 per share.