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7 Days posts 60% profit growth for Q4

Mar. 9, 2012 (China Knowledge) - 7 Days Group Holdings Ltd<SVN>, a leading economy hotel chain based in China, reaped RMB 35.2 million or US$5.6 million in net profit attributable to shareholders in the fourth quarter of 2011, reflecting a year-on-year increase of 60% from RMB 22 million.

Non-GAAP net profit attributable to shareholders for the quarter was RMB 44.8 million, up 44.6% from a year earlier.  

Diluted earnings per America Depositary Share were RMB 0.70, compared with non-GAAP diluted earnings per ADS of RMB 0.89.

Total revenues for the fourth quarter 2011 increased by 24.3% year-on-year to RMB 545.6 million.

For the whole year of 2011, the U.S-listed firm earned RMB 128.9 million in net profit attributable to shareholders, more than RMB 117.7 million it realized in 2010.

Diluted earnings per ADS were RMB 2.56, while non-GAAP diluted earnings of RMB 3.43 per ADS.

Total revenues for last year reached about RMB 2 billion, up 33.7% from a year earlier.  

7 Days Group also expects total revenues for the first quarter of 2012 to grow 28% to 30% year on year, and for the whole year 2012 to increase 28% to 32%.

This year, the Chinese budget hotel operator aims to open 360 new hotels, consisting of 120 leased-and-operated hotels and 240 managed hotels.

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