Orient-Express Hotels Reports $24.3 Million Quarterly Loss

2009-08-24 15:04

Orient-Express Hotels Ltd., owners or part-owners and managers of 50 luxury hotels, restaurants, tourist trains and river cruise properties operating in 25 countries, announced its results for the second quarter ended June 30, 2009.

The net loss for the period was $24.3 million (loss of $0.36 per common share) on revenue of $132 million, compared with net earnings of $19.5 million ($0.46 per common share) on revenue of $177.5 million in the second quarter of 2008.

The net loss from continuing operations for the period was $2.6 million (loss of $0.04 per common share) compared with net earnings from continuing operations of $21.3 million ($0.50 per common share) in the second quarter of 2008.

The adjusted net loss from continuing operations for the period was $2.6 million (loss of $0.04 per common share) compared with adjusted net earnings from continuing operations of $19.7 million ($0.46 per common share) in the second quarter of 2008.

Revenue, excluding real estate revenue, was $132 million in the second quarter of 2009, down $41 million from the second quarter of 2008. This reflected Owned Hotels same store RevPAR decline of 24 percent in local currency (33 percent in U.S. dollars).

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