Marriott Group reports profit drop

Marriott International has reported diluted earnings per share from continuing operations of $0.52 in the second quarter of 2003, up six per cent from the 2002 second quarter.

Income from continuing operations, net of taxes, for the quarter was $126 million, essentially flat with $127 million for the year ago quarter.  Synthetic fuel operations contributed approximately $26 million after-tax ($0.11 per share) during the second quarter of 2003 compared to $15 million after-tax ($0.06 per share) a year ago.
JW Marriott, chairman and CEO, of Marriott International, said, “We are pleased with the strength of our second quarter results and balance sheet, especially in light of lower worldwide lodging demand during the quarter due to the Iraqi war, Severe Acute Respiratory Syndrome (SARS) and the global economic slowdown.  We continue to have considerable success in protecting hotel profitability with meaningful productivity improvements and specific action plans for each hotel.