China Lodging Logs Q1 Loss of RMB 14m
"Hanting" brand economy hotels chain operator China Lodging (Nasdaq:HTHT) recorded a net loss of RMB 13.96 million in the first quarter of 2011, compared with a net profit of RMB 12.45 million in the first quarter of 2010 and net income of RMB 34.92 million in the previous quarter. The company made net revenues (total revenues less business tax) for the quarter of RMB 424.44 million, up 24.5% y-o-y but down 6.2% sequentially. China Lodging attributed the annual growth to the increased number of hotels, after the company opened a net of 35 new hotels in the quarter, bringing its total to 473 with another 162 under development. The occupancy rate for all hotels in operation was 82% in the first quarter of 2011, compared with 93% in the first quarter of 2010, and 87% in the previous quarter, while revenue per available room (RevPAR) was RMB 143 in the first quarter, down from RMB161 in the year-ago period and RMB 168 in the previous quarter, the report said.
China Lodging expects to record net revenues of RMB 530 million to RMB 550 million in the second quarter of 2011.
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