BHG announces its results for the first quarter
Hotel EBITDA posted a significant 38.3% increase over 1Q12, the EBITDA margin stood at 35.5% and consolidated EBITDA reached R$15.9 million, 39.7% up on 1Q12
SAO PAULO, May 9, 2013 - BHG S.A. - Brazil Hospitality Group (BM&FBovespa: BHGR3; OTC: BZHGY) announces its 1Q13 figures, which demonstrate the Company’s high operating efficiency and consolidated growth in the quarter.
Hotel EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$20.8 million in 1Q13, 38.3% up on 1Q12 (R$15.0 million).
The hotel EBITDA margin came to 35.5% in 1Q13, 6.5 p.p. higher than the 29.0% recorded in 1Q12 and virtually flat with the 35.8% posted in 4Q12.
The net operating revenue (NOR) stood at R$58.6 million in 1Q13, 13.0% up on 1Q12. In absolute terms, revenue grew by R$6.7 million, chiefly due to the hotels in the South and Northeast regions, whose combined revenue increased by R$5.5 million.
The Company’s consolidated EBITDA (which includes hotel EBITDA, real estate development activities and corporate expenses) reached R$15.9 million in 1Q13, a 39.7% increase over the R$11.3 million reported in 1Q12. The Company’s consolidated EBITDA margin was 27.1% in the quarter, 5.2 p.p. higher than the consolidated EBITDA margin of 21.9% recorded in 1Q12.
During the quarter, the average daily rate of the network’s hotels came to R$280.6, 7.2% up on 1Q12 and 4.9% up on 4Q12. The average occupancy rate of the Company’s hotels was 64.3% in 1Q13, a 2.8 p.p. increase over 1Q12, but 2 p.p. lower than in 4Q12 due to the period’s seasonality. Thanks to the Company’s commercial strategy of progressively increasing the average room rate at its hotels, RevPar (Revenue per available room) increased by 12% and 1.8% over 1Q12 and 4Q12 respectively.