UPDATE 1-Orient-Express Hotels Q2 profit beats estimates

martes 5 de agosto de 2008 00:25 CEST
 

(Recasts, adds details, share movement)

Aug 4 (Reuters) - Orient-Express Hotels Ltd OEH.N posted second-quarter results that beat market estimates, helped by higher revenue from Europe and North America, sending its shares up 13 percent in trading after the bell. The company posted a net profit of $19.5 million, or 46 cents a share, for the quarter ended June 30.

Orient-Express, which operates luxury hotels, restaurants, tourist trains and river cruise businesses, said adjusted earnings from continued operations stood at 49 cents a share.

Total revenue rose 14 percent to $188.6 million.

Analysts had expected the company to earn 45 cents a share, before exceptional items, on revenue of $181.9 million, according to Reuters Estimates.

Revenue from owned hotels in Europe rose 11 percent to $85.7 million. Revenue increased by 8 percent to $23.7 million in North America.

Revenue jumped 16 percent to $30.9 million from trains and cruises, the company said. Revenue from owned hotels for the second quarter was up 12 percent at $140.2 million.

Looking ahead, Orient-Express, which competes with bigger rivals like Marriot International Inc MAR.N and Starwood Hotels & Resorts Worldwide Inc HOT.N, sees pressure on margins in the second half of the year due to rising food and fuel prices.

Shares of the company had dropped as much as 5 percent earlier in the day after shareholders D.E. Shaw and CR Intrinsic Investments LLC sought a special shareholder meeting to discuss the company's corporate governance structure.

D.E. Shaw and CR Investments together own about 14 percent of the company's Class A shares.

Shares of Orient-Express were trading at $37.35 after the bell. They closed down 3 percent at $33.07 Monday on the New York Stock Exchange. (Reporting by Sriram Iyer in Bangalore; Editing by Deepak Kannan)