By RTT News,
August 11, 2014, 06:46:00 PM EDT
(RTTNews.com) - Hotel chain China Lodging Group Ltd. ( HTHT ), Monday reported an increase in profit for the second quarter, as revenues grew more than 20 percent.
Shanghai-based China Lodging's second-quarter profit improved to 124.2 million yuan or 1.97 yuan per ADS from 96.3 million yuan or 1.55 yuan per ADS last year. On a US dollar basis, profit for the quarter was $20.0 million or $0.32 per ADS.
For the second quarter, adjusted earnings per ADS were 2.08 yuan or $0.34.
China Lodging's net revenues grew 20.5 percent to 1.25 billion yuan or $201.0 million, from 1.03 billion yuan last year. Analysts polled by Thomson Reuters expected revenues of 1.22 billion yuan for the quarter.
Revenue per available room, an important industry metric of occupancies and rates, dropped to 164 yuan from 167 yuan a year ago, as ADR and occupancy rate decreased.
ADR, the average daily rate for all hotels in operation, dropped to 180 yuan from 182 yuan last year. Occupancy rate inched down to 91.2 percent in the quarter from 91.3 percent last year. The company operated a total of 1,669 hotels or 179,186 hotel rooms as of June 30, 2014.
Looking ahead to the third quarter, he company expects net revenues to grow in a range of 20 to 22 percent year-over-year. Analysts currently estimate revenue growth of 21.10 percent for the quarter.
China Lodging Group operates a chain of limited-service hotels in China under JI Hotel, Starway Hotel, HanTing Hotel, and Hi Inn chain.
HTHT closed Monday's trading at $24.92, up $0.36 or 1.47%, on the Nasdaq.
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