Home Inns & Hotels Q2 Profit Rises; Cuts FY13 Revenue Outlook

(RTTNews) - Home Inns & Hotels Management Inc. (HMIN) reported net income for the second quarter of RMB 94.8 million or RMB 1.68 per ADS, compared to RMB36.4 million or RMB 0.75 per ADS for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was RMB 139.7 million or RMB 2.89 per ADS, compared to RMB 108.5 million or RMB 2.17 per ADS in the prior year quarter.

Total revenues for the second quarter increased 10.5% to RMB 1.60 billion from RMB 1.45 billion a year ago.

Looking forward, the company forecast third quarter revenues of RMB 1.735 billion to RMB 1.765 billion.

The company lowers its full year 2013 revenue guidance to a range of RMB 6.35 billion to RMB 6.50 billion from its prior guidance of RMB 6.60 billion to RMB 6.80 billion.