TORONTO— Fairmont Hotels & Resorts, Inc. reported its first-quarter profit exceeded expectations due to stronger-than-expected recovery in the travel industry. According to a Reuters report, Fairmont saw bookings slow after the Sept. 11 attacks, but recorded an income from continuing operations of $13.6 million, or 17 cents a share, compared with a loss from continuing operations of $4.5 million, or 8 cents a share, in the previous years first quarter. Fairmont, spun off from conglomerate Canadian Pacific last year, raised its 2002 earnings before interest, depreciation and amortization (EBITDA) forecast to between $190 million and $200 million from an earlier forecast in the range of $180 million and $190 million. Sales during the quarter fell about 6 percent to $126.7 million from $134.5 million in the year-ago period. Fairmonts shares have risen 25% on the Toronto Stock Exchange since the third week of January on positive sentiment about its 2002 earnings estimates. Source: Reuters
