Home Inns & Hotels Management Q2 Profit Rises

(RTTNews) - Home Inns & Hotels Management Inc. (HMIN) Tuesday reported second-quarter net income attributable to ordinary shareholders of 108.2 million yuan or 2.27 yuan per ADS, compared to 94.8 million yuan or 1.68 yuan per ADS in the same period last year. Earnings in dollars totaled $17.4 million or $0.18 per share.

Adjusted earnings for the latest quarter were 168.4 million yuan, or 3.38 yuan per ADS, up from 139.7 million yuan or 2.89 yuan per ADS last year. On average, three analysts polled by Thomson Reuters expected the company to earn 3.31 yuan per ADS for the quarter. Analysts' estimates typically exclude special items.

Revenues improved to 1.70 billion yuan from 1.60 billion yuan. Analysts expected revenues of 1.59 billion yuan.

Looking ahead, the company has forecast third-quarter revenues in the range of 1.88 billion yuan to 1.90 billion yuan. Analysts currently expect third-quarter revenues of 1.77 billion yuan.

Separately, the company announced that Cathy Xiangrong Li has been appointed as chief financial officer or CFO of the Company, effective August 25, 2014.

Also, May Wu, the company's chief strategy officer and interim chief financial officer, will remain as chief strategy officer after Li assumes the CFO position.