Newspaper article The Canadian Press

Royal Host Posts Reduced Losses, Smaller Revenue as It Continues Transition

Newspaper article The Canadian Press

Royal Host Posts Reduced Losses, Smaller Revenue as It Continues Transition

Article excerpt

Hotel firm Royal Host posts reduced losses

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HALIFAX - Royal Host Inc. (TSX:RYL) lost $436,000 in its fourth quarter, almost 90 per cent less than a year earlier, as the hotel management company worked to cut costs and focus its business.

On a per-share basis, Royal Host said Tuesday it lost three cents in the quarter ended Dec. 31 compared with a loss of $4.1 million or 23 cents per share in the fourth quarter of 2012.

Hospitality revenue was $16.7 million down from $18.5 million in the last three months of 2012.

The company said it has reduced costs at both the hotel and corporate level, improving margins on its remaining revenue.

"Royal Host had such fundamental issues; its cost structure was too high, it had not made changes to its employment practices and operational processes, it was paying too much in interest expense and it wasn't investing sufficient sums in its core properties," the company said in a statement.

"These are all issues that can be fixed and the company has started to do exactly that with results that are only starting to appear in the financial statements. …

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