ROUNDUP
From Times Wire Services
Beverly Hills-based Hilton Hotels Corp. reported profit fell 8% in the third quarter, in part because of a 55% drop in income from its gambling operations.
Earnings fell to $24.8 million, or 51 cents a share, from $27 million, or 56 cents a share, in the third quarter a year ago. Revenue nudged up less than 1% to $385.7 million from $382.7 million.
Third-quarter results were reduced by $3.2 million, or 7 cents a share, for costs incurred in evaluating options to raise the company’s value, including the previously announced spinoff of Hilton’s gaming operations.
Without the charge, profit would have been $28 million, or 58 cents a share, or nearly 4% more than a year earlier.
