Home Inns Reports First Quarter 2012 Financial Results

Source: 21 Century Business Herald On May 10, Home Inns & Hotels Management Inc. (NASDAQ:HMIN), a leading economy hotel chain in China, announced its unaudited financial results for the first quarter ended March 31, 2012. Total revenues increased 66.0% year over year to RMB 1,255.7 million. Excluding Motel 168 (acquired and fully consolidated starting October 1, 2011) total revenue increased 22.7% year over year to RMB 928.4 million. Loss from operations was RMB 36.9 million. Adjusted income from operations was RMB 9.7 million, compared to RMB 60.0 million in the same period of 2011. Net loss attributable to Home Inns' shareholders was RMB 103.2 million which includes a net loss of RMB 53.2 million from Motel 168, compared to a net income of RMB 32.5 million in the first quarter of 2011. EBITDA (non-GAAP) was RMB 93.1 million, compared to RMB 137.5 million in the same period of 2011.  Excluding non-operating items and one-time charges, adjusted EBITDA (non-GAAP) increased to RMB 165.9 million from RMB 152.5 million in the first quarter of 2011. "Due to margin impact by  new hotels opened in the late fourth quarter of 2011, higher pre-opening costs, near-term profitability dilution by Motel 168 and non-recurring acquisition-related charges, we experienced an overall net loss in the first quarter.  This was, however, within our expectations and there were no surprises." said Mr. David Sun, Home Inns' Chief Executive Officer. from China Travel & Tourism News http://www.chinatraveltourismnews.com/

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