NEW YORK (Reuters) - Hotel operator Marriott International Inc (MAR.N: Quote, Profile, Research, Stock Buzz) on Thursday said third-quarter profit fell as its time-share business slowed and the company warned that 2009 would be tough.
Marriott, which typically manages hotels instead of owning them, reported income from continuing operations of $94 million compared with $122 million in the year-ago quarter.
The company reported diluted earnings per share from continuing operations of 26 cents compared with 31 cents in the third quarter of 2007.
Third-quarter Revenue rose 1 percent to $3 billion.
Looking ahead, Marriott said it expects the 2009 business environment to remain "unusually challenging."
The company expects its worldwide revenue-per-available room (RevPAR), a key industry measure, to decline 1 percent to 3 percent in the fourth quarter of 2008.
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