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First Hotel Q2 profit climbs YOY

First Hotel Co. Ltd. said its normalized net income for the second quarter amounted to 23 Taiwan cents per share, a gain from 22 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 NT$109.9 million, an increase from NT$107.8 million in the year-earlier period.

The normalized profit margin rose to 133.7% from 115.3% in the year-earlier period.

Total revenue decreased 12.0% on an annual basis to NT$82.2 million from NT$93.5 million, and total operating expenses declined 21.0% year over year to NT$28.3 million from NT$35.8 million.

Reported net income fell year over year to NT$144.2 million, or 30 cents per share, from NT$145.9 million, or 30 cents per share.

As of Aug. 9, US$1 was equivalent to NT$31.35.