Belmond Q3 Profit Beats View, To Launch Luxury Touring Train In Ireland

(RTTNews) - Hotel and travel businesses company Belmond Ltd. (BEL), formerly Orient-Express Hotels Ltd., reported third-quarter net earnings attributable to the company of $14.9 million or $0.14 per share, down from $16.1 million or $0.16 per share in the year-ago period.

Adjusted net earnings from continuing operations for the quarter were $17.0 million or $0.16 per share, compared to $18.2 million or $0.18 per share in the year-ago period. On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.15 per share for the quarter. Analysts' estimates typically exclude special items.

The latest quarter's results reflect the result of an increase in tax expense due largely to an increase in earnings before tax and a change in the company's profits mix as compared to the prior-year quarter.

Revenue for the third quarter declined 1 percent to $187.8 million from $189.3 million in the year-ago period. Analysts had a consensus revenue estimate of $197.17 million.

Same store revenue per available room or RevPAR rose 2 percent in U.S. dollars and local currency as compared to the prior-year quarter. RevPAR increased 10 percent in U.S. dollars and rose 8 percent in local currency, excluding Belmond Grand Hotel Europe.

Belmond announced a new business expansion with Ireland's first luxury overnight train, expected to commence operations in summer 2016.

The company noted that Belmond Grand Hibernian will be the first luxury overnight rail experience of its kind in Ireland, which it is expected to tour the magnificent open countryside, dramatic coastal scenery and fascinating cities of both the Republic of Ireland and Northern Ireland.