BEIJING (dpa-AFX) - Chinese economy hotel chain HomeInns Hotel Group (HMIN) on Tuesday reported first-quarter net loss to shareholders of RMB 37.6 million ($6.1 million), or RMB 0.39 ($0.06) per share. This compares with a profit of RMB 74.9 million, or RMB 0.05 per share last year.
On a per American depositary share basis, loss for the quarter was RMB 0.78 ($0.13).
Excluding items, adjusted earnings per ADS for the quarter were RMB 0.04 ($0.01).
Revenues for the quarter marginally rose 0.3% from a year ago to RMB 1.38 billion ($223).
Analysts polled by Thomson Reuters estimated earnings per ADS of RMB 0.17 on revenues of RMB 1.37 billion for the quarter. Analysts' estimates typically exclude special items.
A deepened economic slowdown and the later timing of Chinese New Year put significant pressure on revenue per available room, which had a negative impact on overall profitability, said CEO David Sun.
'Looking ahead to the remainder of 2015, we are not seeing immediate signs of a market rebound at the moment but remain confident about the long-term prospects of the overall travel and lodging market in China,' Sun said.
For the second quarter, the company expects revenues of RMB 1.67 billion to RMB 1.7 billion, while analysts expect RMB 1.63 billion.
Copyright RTT News/dpa-AFX