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Nasdaq-listed Home Inn slide into losses in Q1

May. 11, 2012 (China Knowledge) – Home Inns & Hotels Management Inc, one of the largest budget hotel chain in China, has posted RMB 103.2 million or US$16.4 million-net loss attributable to shareholders for the first three months of this year, whereas it earned RMB 32.5 million or US$5 million in net profit in the same period of 2011.

Diluted loss per American Depositary Share for the first quarter was RMB 2.28 or US$0.36, while on a non-GAAP basis, the diluted earnings per ADS was RMB 0.54 or US$0.09 in the first three-months period.

On a non-GAAP basis, the U.S.-listed firm's net profit the first three months of 2012 reached RMB 93.1 million or US$14.8 million, less than RMB 137.5 million in the corresponding period of last year.

Total revenue stood at RMB 1.26 billion or US$199.4 million in the first quarter, up 66% from a year earlier.

Home Inns & Hotels aims to reap between RMB 1.43 billion and RMB 1.46 billion in revenue in the second quarter of 2012, including RMB 390 million to RMB 400 million contributed from Motel 168.

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