Hilton Earnings Decline 12 Percent

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BEVERLY HILLS, California – Hilton Hotels Corp. on Tuesday reported a 12 percent decline in net earnings for its second quarter Tuesday due to sluggish travel demand and a charge related to work done at a hotel in Hawaii. Net income for the quarter ending in June was $76 million compared with $86 million for the 2001 quarter, or 20 cents per share versus 23 cents. The company took a charge of $10 million for fixing mold damage found at the new Kalia Tower at the Hilton Hawaiian.

Hilton Grand Vacations, the company’s timeshare business, last month completed the sale of about $52 million of timeshare notes receivable out of a total portfolio of about $190 million to a subsidiary of GE Capital. The transaction resulted in about a $2 million gain in the second quarter ending June 30.

The company reported revenue of $1.04 billion, down 5 percent from $1.09 billion in the 2001 period. For the first six months of the year, net income fell 22 percent to $110 million from $141 million, or 30 cents per share versus 38 cents per. First half revenues fell 10 percent to $1.96 billion from $2.16 billion.

Carolyn Willbanks
Author: Carolyn Willbanks

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