American Realty Trust of Arlington reported a loss for the second quarter of its fiscal year but a profit for the first half.
For the three months ended March 31, the trust posted a net loss of $400,804 compared with a net loss of $213,621 for the same period last year. Revenues were $1.3 million compared with $1.0 million.
First-half net income was $5.8 million ($2.62 a share), including gains of $4.8 million from the sale of real estate, compared with a net loss of $136,272 last year after a $195,372 gain from the sale of real estate. Revenues were $3.0 million compared with $2.8 million.
Income from operations is expected to show improvement in the second half of the year because of higher projected revenues from the trust's Hospitality House motel in Williamsburg, said the trust's chairman, Thomas J. Broyhill. Second-quarter income from hotel operations increased 9 percent, while rentals from other properties declined by nearly 30 percent, Broyhill said.
Potomac Electric Power Co. yesterday reported net income for the four months ended April 30 of $23.5 million (41 cents a share) compared with $21.9 million (38 cents) for the same period last year. For the last 12 months, net income was $111.4 million ($2.15) compared with $106.3 million ($2.12).