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Pleasant Hotels International swings to loss in Q3

Pleasant Hotels International Inc. said its third-quarter normalized net income was a loss of 12 Taiwan cents per share, compared with 19 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$2.6 million, compared with income of NT$4.4 million in the year-earlier period.

The normalized profit margin dropped to negative 5.3% from 6.5% in the year-earlier period.

Total revenue decreased 26.0% year over year to NT$49.6 million from NT$67.0 million, and total operating expenses decreased 10.3% year over year to NT$54.6 million from NT$60.9 million.

Reported net income totaled a loss of NT$3.5 million, or a loss of 15 cents per share, compared to income of NT$5.9 million, or 26 cents per share, in the prior-year period.

As of Nov. 11, US$1 was equivalent to NT$31.93.