CorpHousing Group Shares Jump 23% on 2Q Revenue Surge

Dow Jones2022-09-27

By Denny Jacob

CorpHousing Group Inc. shares shot up by 23% to $2 in after-hours trading Monday after the company swung to a profit and posted higher rental revenue in the latest quarter.

The company, which engages in the acquisition and management of hotel units, posted net income of $762,409, or 4 cents a share, for the second quarter ended June 30, compared with a loss of $1.1 million, or no earnings per-share, a year earlier.

Net rental revenue rose 144% to $10.2 million from $4.2 million. The company said the growth was driven primarily by an increase in average units available to rent as well as better occupancy rates and average daily rates compared to the year-ago period.

"Our available units for rent increased quarter over quarter, occupancy rates improved as the effects of the Covid pandemic wane, and we realized certain efficiencies from scale," said Chief Executive Brian Ferdinand.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

September 26, 2022 16:43 ET (20:43 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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