Hotel Investors Trust and Hotel Investors Corp. reported combined fiscal third-quarter profit of $3 million, or 24 cents a share, against a year-earlier loss of $5.1 million.
Hotel Investors Trust buys hotels and Hotel Investors Corp. manages them, but the Woodland Hills-based companies' shares are traded together and they report their financial results together. The companies said their revenue for the quarter ended May 31 more than doubled from a year earlier, to $19.4 million from $7.6 million.
For the first nine months of their fiscal year, the companies posted net income of $5.6 million, or 49 cents a share, against a year-earlier loss of $3.5 million. Nine-month revenue jumped to $44.6 million from $25.9 million.