BEIJING (dpa-AFX) - Home Inns & Hotels Management Inc. (HMIN) reported third-quarter net income of RMB 245.5 million or RMB 4.29 per ADS, compared to RMB 108.0 million or RMB 2.31 per ADS, prior year. Adjusted earnings per ADS was RMB 4.47, for the quarter.
EBITDA (non-GAAP) was RMB 536.2 million, compared to RMB 374.7 million in the same period a year ago. Adjusted EBITDA (non-GAAP) increased 15.0% year over year to RMB 515.0 million.
Revenue increased to RMB 1.88 billion from RMB 1.74 billion last year. Home Inns Group added a net of 122 hotels in the third quarter of 2014, including the opening of 135 new hotels and the closure of 13 hotels.
Home Inns expects total revenues for the Group in the fourth quarter of 2014 to be in the range of RMB 1.63 billion to RMB 1.68 billion. Home Inns Group expects total revenues for the Group for 2014 to be in the range of RMB 6.68 billion to RMB 6.73 billion, slightly lower than the initial full year expectations the company provided at the beginning of the year. The company expects year-over-year profitability improvement in the fourth quarter of 2014.
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