The Bermuda-based firm posted a net loss of US$4.9 million for quarter ended December 2007, as against a net profit of US$6.7 million in the year-ago period.
The company’s revenue during the quarter, however, rose to US$151.2 million from US$135.2 million in fourth quarter of 2006, a statement said. “We believe that there will continue to be numerous opportunities for growth through acquisitions of properties, as well as through strategic organic expansion into key geographic markets,” OEH President and CEO Paul White said.
For the year ended December 31, 2007, the company’s net earnings dropped to US$33.6 million from US$39.8 million in 2006. Revenue increased 21 per cent from US$497.1 million in 2006 to US$599.6 million in 2007.
OEH said its adjusted net earnings from continuing operations, which exclude items such as impairment charge related to a strategic review of Bora Bora Lagoon Resort, were US$10.4 million for the quarter, compared to adjusted net earnings from continuing operations of US$9.2 million the previous year.
