WHITE PLAINS, NY— Starwood Hotels & Resorts Worldwide has announced a net profit for the fourth quarter of 2002 of $91 million, or $0.45 per share, reflecting a substantial increase over the fourth quarter of a 2001, which showed a net loss of $54 million or $0.28 a share due to the September 11th attacks. Starwood also reported a profit of $0.22 per share for the year excluding one-time items, as compared with a loss of $0.01 for the year last year. In October, Starwood had predicted fourth-quarter earnings of $0.20 to$0.25 per share, forcasting a 7% to 9% increase in RevPAR for the quarter. Full- year earnings per share were $1.73. Profits for 2003 are expected to be flat as the company’s depreciation expenses drop, Starwood announced.
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