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August 7, 2009

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Hotelier gains from income rise, bond buyback

HOME Inns & Hotels Management Inc, operator of the country's largest budget hotel chain, said yesterday net profit exceeded 100 million yuan (US$14.6 million) in the second quarter of this year amid a revenue rise and gains from buying back its convertible bonds.

Its net profit in the April-June period soared from 7.5 million yuan a year earlier to 100.4 million yuan to rank as the highest in its history. It included a gain of 46.5 million yuan on the buy-back of its convertible bonds.

Its revenue for the quarter ended June 30 jumped 43.3 percent year on year to 642.1 million yuan, and that from operations soared to 67.7 million yuan from 31.3 million yuan in the same period a year earlier, according to the Nasdaq-listed hotelier's unaudited financial results it released through PR Newswire.

"Home Inns has started to realize the benefits of the strategic decisions we made in response to the financial downturn, which has affected our business since the fourth quarter of 2008," said David Sun, chief executive officer. "Our prudent development plans and the maturity of the hotels we opened last year, together with higher-than- expected revenues due to the easing of the economic situation, resulted in our improved overall operational performance and profitability."

Home Inns added 25 new hotels during the second quarter, extending its presence to six more cities.


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