TORONTO— Fairmont Hotels reported a 28% rise in fourth quarter revenues but its overall profit was down. Fairmont posted net income of $11 million, or $0.14 a share, down from $49 million, or $0.63 a share for the year-ago quarter. Last years fourth quarter included a one-time tax recovery gain of $51.4 million resulting from the spin-off of Fairmont from conglomerate Canadian Pacific Ltd., which was broken up. Thirteen analysts polled by Thomson First Call had, on average, forecast earnings of $0.14 a share. Fairmonts operating income, however, rose more than two times in the most recent period to $32.8 million from $14.4 million in the year-ago quarter. The operating income, or EBITDA, does not include taxes, depreciation and amortization costs. Revenue rose to $125.6 million during the quarter from $97.7 million in the year-earlier period. During the fourth quarter, Fairmonts revenue per available room (RevPAR) rose 12.3% to $88.71. Occupancy rates rose 6.3% to 55% from 48.7% during the three months that ended Dec. 31, 2001. Fairmont expects earnings before income taxes, depreciation and amortization to be between $215 million and $225 million in 2003.
