'Home run' for budget hotelier
By Cao Qian |
November 11, 2009, Wednesday
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Print Edition
Print Edition
HOME Inns & Hotels Management Inc, China's largest budget hotel chain operator, said yesterday net income more than doubled from a year earlier in the third quarter of 2009.
The result came after strong performances from its 500-plus hotels around the country, it said.
Net income for the quarter ending on September 30, including gains on a buy-back of convertible bonds of 4.3 million yuan (US$629,881) and share-based compensation expenses of 7.8 million yuan, climbed to 86.7 million yuan, compared with 29.5 million yuan in the third quarter of 2008.
The 2009 third quarter included share-based compensation of 6.6 million yuan and foreign-exchange losses of 2.4 million yuan, the Nasdaq-listed hotelier said in Shanghai in unaudited results.
Total revenue for the quarter rose 38 percent year on year to 727.4 million yuan, a record for the company.
"Home Inns performed above expectations during the past quarter as we benefited from both an improving economic situation in China and our implementation of certain initiatives at the beginning of the financial crisis," David Sun, Home Inns' chief executive officer, told a press conference in the city.
"Due to the strong performance at our hotels as well as our restrained expansion efforts, we exceeded our revenue expectations while simultaneously achieving strengthened margins."
Income from operations reached 107.9 million yuan during the July-September period, compared to 41.8 million yuan in the third quarter a year earlier, the company said.
Across the country, Home Inns added 36 new hotels during the quarter, expanding to six more cities.
As of September 30, the chain ran 583 hotels in 113 cities, with an additional 74 properties in the pipeline, the firm said.
For 2009, Home Inns expects revenue to jump by 37 to 39 percent from 2008. It said it would add another 180 to 200 hotels in 2010.
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