Four Seasons Hotels Swings to 3rd-Quarter Profit; Revenue Increases 12 Percent
Luxury hotel chain Four Seasons Hotels Inc., which recently received an offer to be taken private for $3.7 billion from its controlling shareholder, on Thursday reported a third-quarter profit compared with a year-ago loss that resulted from a number of one-time costs.
Net income was $10.9 million, or 29 cents per share, compared with a loss of $11.4 million, or 31 cents per share, during the same period last year.
Last year's results were hurt by foreign exchange losses, asset provisions and writedowns totaling $21.1 million. Absent those costs, the company had a profit of $8.1 million, or 22 cents per share.
The profit for the latest quarter was in line with expectations of analysts polled by Thomson Financial.
Quarterly revenue gained 12 percent to $58.2 million from $52.2 million a year ago. Revenue per available room, also known as RevPAR, grew 9.7 percent at worldwide core hotels and rose 8.3 percent at core hotels in the U.S.
Analysts had forecast revenue of $58.8 million.
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Source - AP
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