Bermuda-based Orient-Express Hotels Ltd. (OEH) Monday reported flat earnings for the second quarter of 2008. Revenues, however, increased 14%, helped primarily by higher revenue per available room or RevPAR from Owned Hotels.
Net income for the quarter was $19.5 million or $0.46 per share compared to $19.7 million or $0.46 per share in the year-ago quarter.
Net income from continuing operations for the quarter rose to $21.7 million or $0.51 per from $20.2 million or $0.47 per share in the second quarter of 2007. Adjusted net income from continuing operations was $20.9 million or $0.49 per share compared to $20.3 million or $0.48 per share in the same quarter last year. On average, seven analysts surveyed by First Call/Thomson Financial expected the company to report earnings of $0.45 per share for the quarter.
Revenues for the second quarter increased 14% to $188.6 million from $165.1 million in the year-ago quarter. Second-quarter revenue from Owned Hotels increased 12% to $140.2 million, while Rest of World revenue increased 19%. Same store RevPAR for the quarter increased 16% in U.S. dollars and 10% in local currency, from the last-year quarter.
The street expected revenues of $182.18 million for the second quarter.
Net income for the six-month period dropped to $15.13 million or $0.36 per share from $16.02 million or $0.38 per share last year. Year-to-date revenues increased 17% to $308.56 million from $262.73 million in the prior-year period.
OEH closed Monday's trading at $33.07, down $1.01 or 2.96%, on a volume of about 706 thousand shares.
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