Business News
Marriott International profits drop in third quarter
Oct 4, 2007, 15:35 GMT
Washington - Marriott International Inc saw earnings fall in the third quarter on declining profits from its time-share business and higher costs, the US hotel chain said Thursday.
Marriott's profits fell to 131 million dollars from 141 million dollars in the year earlier period, but earnings per share remained unchanged at 33 cents. Revenue in the period ended September 7 grew by 12 per cent to 3 billion dollars, the suburban Washington-based firm said.
Marriott runs 2,942 hotels with more than 527,000 rooms under the Marriott, Ritz-Carlton, Renaissance Hotels & Resorts and Courtyard brands.
After years of growth, the company faces harder conditions due to rising room rates and weaker economic growth in the US. Still the firm is benefiting from strong overseas growth.
© 2007 dpa - Deutsche Presse-AgenturCOMMENT
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