Hilton Hotels Corp. reported 10% lower third-quarter...
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Hilton Hotels Corp. reported 10% lower third-quarter profit, blaming higher expenses for taxes and interest and losses on foreign currency and property transactions.
The hotel and casino company said operating profit rose at both divisions during the July-September quarter. But its shares, which had risen recently on some favorable comments by analysts, fell $1.625 per share to $48.50 in trading on the NYSE.
Hilton earned $20.5 million, or 43 cents per share, for the quarter, compared to $22.8 million, 48 cents, a year earlier. Revenue rose 7% from $323 million, to $346.7 million.
Operating profit rose 21% to $48.2 million at Hilton’s casino division and 28% to $24.1 million at its hotels.
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