Hilton’s Profit Falls; Rising Costs Cited
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From Bloomberg News
Hilton Hotels Corp., the No. 3 U.S. hotel company, said third-quarter earnings fell 29%, hurt by rising costs and a slowdown in business-related travel.
Net income for the operator of Hilton and Embassy Suites dropped to $34 million, or 9 cents a share, from $48 million, or 13 cents, a year earlier. Revenue rose 3.2% to $964 million, the Beverly Hills-based company said.
Shares of Hilton fell 72 cents to $16.18 on the NYSE.
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