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-	Home :: Mold News :: Hilton earnings decline 12 percent

Hilton earnings decline 12 percent

Tue Jul 30,11:34 AM ET

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 dlrs 76 million compared with dlrs 86 million for the 2001 quarter, or 20 cents per share versus 23 cents. The company took a charge of dlrs 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 dollars 52 million of timeshare notes receivable out of a total portfolio of about dlrs 190 million to a subsidiary of GE Capital. The transaction resulted in about a dlrs 2 million gain in the second quarter ending June 30.

The company reported revenue of dlrs 1.04 billion, down 5 percent from dlrs 1.09 billion in the 2001 period.

For the first six months of the year, net income fell 22 percent to dlrs 110 million from dlrs 141 million, or 30 cents per share versus 38 cents per. First half revenues fell 10 percent to dlrs 1.96 billion from dlrs 2.16 billion.

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