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Phoenix, AZ, June 18, 2024 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) reported a continuation of Hotel Revenue record results in the First Fiscal Quarter of 2025, (February 1, 2024, to April 30, 2024), with Total Revenue increasing to approximately $2.3 million, which is an approximate increase of 4%, from the same prior year First Fiscal Quarter of $2.2 million.
Total Consolidated Fiscal First Quarter Net Income remained positive, at $86,598.
Consolidated Net Income before non-cash depreciation expense was $259,640 for the 2025 First Fiscal Quarter ended April 30, 2024 (February 1, 2024, through April 30, 2024).
IHT hotel operations were strong in the Fiscal Year ended January 31, 2024, and the 2025 Fiscal First Quarter, and are contributing to a solid start in the current 2025 Fiscal Second Quarter, with both the Tucson Hotel and Albuquerque Hotel achieving record results for the month of May, of the current Fiscal Year. Combined May Revenue for both hotels was an impressive $644,741, which has led to a record $2,938,711 for the first four Fiscal Months of Fiscal Year 2025.
These are all positive signs for InnSuites, as progress continues while the Travel Industry, and InnSuites Hospitality Trust (IHT) specifically, continue to grow and thrive.
InnSuites Hospitality Trust (IHT), in late 2019, made a diversification investment in new development privately held UniGen Power, Inc. (UniGen), a company developing a patented, high profit potential, efficient clean energy generation innovation. With the continued influx and popularity of electric cars, as well as growing needs of artificial intelligence, increased demand for electricity over the next five years is projected to approximately double. IHT holds convertible bonds and warrants that, when fully exercised, could result in IHT holding an approximately up to 20% or more ownership stake in UniGen.
UniGen is currently concentrating on its next round of capital raising.
UniGen is a high risk investment offering high potential investment return if and when successful.
IHT management believes that due to real estate held on the books of IHT at book values believed to be significantly below current market value and due to the high clean energy diversification profit potential ahead, the IHT future looks bright.
IHT’s strong hotel operating results are reflected in three successful, consecutive profitable Fiscal Years, even after accounting for substantial non-cash depreciation expense.
Fiscal Year 2025 extended IHT’s uninterrupted, continuous annual dividends to 54 years, since 1971, with semi-annual dividends paid February 5, 2024, and anticipated for July 31, 2024.