Posted by
alfredlester on Thursday, July 23, 2009 7:06:53 AM
NEW YORK (Reuters) – Starwood Hotels & Resorts Inc (HOT.N) posted a higher net profit for the second quarter on Thursday, helped by broad cost cuts.
The White Plains, New York-based company posted net income of &&6;134 million, or 74 cents per share, compared with &&6;105 million, or 56 cents per share, a year earlier.
Excluding special items, the hotelier earned 22 cents per share.
Systemwide revenue per available room for Starwood&&9;s hotels around the world dropped nearly 28 percent in the second quarter free credit report and score. The company said it had lost about &&6;10 million from the H1N1 flu virus during the quarter.
Costs and expenses dropped 19.6 percent.
(Reporting by Deepa Seetharaman; Editing by Lisa Von Ahn)
Starwood posts higher profit on cost cuts
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