TORONTO Four Seasons Hotels reported a 17.9% increase in net earnings for the three months ended March 31, 2001, to $17 million (Canadian), from $14.4 million for the first quarter of 2000.
Management fee revenues increased 16.5% to $45.7 million in the first quarter compared to $39.2 million in the first quarter of 2000 while, for the same period, total revenues of all hotels and resorts managed by Four Seasons increased to $750.5 million from $651.4 million.
Prior to other operating items, Four Seasons management earnings increased 19.3% to $29.6 million as compared to $24.8 million last year. The profit margin on management business was 64.9% in the first quarter this year, up from 63.3% last year.
Net interest income for 2001 was $1.5 million compared to $717,000 last year and, for the same time period from last year cash flow from operations was up to $31 million from $5.5 million.
Worldwide Core Hotels saw a 5% increase in RevPAR, on a U.S. dollar basis. RevPAR for U.S. Core Hotels increased 0.4% while gross operating profits declined 5%. Additionally, ownership operations lost $5.2 million before other operating items, this year as compared to last. (5/10/01)
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