Marriott International Inc. yesterday reported a 13 percent increase in earnings for its second quarter, ended June 18. The Bethesda-based hotel company said earnings rose to $114 million (42 cents per share), from $101 million (37 cents) in the same quarter of last year.
Second-quarter revenue increased to $2.04 billion, up 6 percent from $1.93 billion a year earlier.
The company's quarterly profit was affected by an 83 percent rise in interest expenses, to $11 million from $6 million. In addition, the company's corporate expenses rose $4 million in the second quarter.
"Although [revenue per available room] in the U.S. has slowed somewhat in 1999, we have continued to meet our earnings growth goals," said J.W. Marriott Jr., the company's chairman and chief executive.
First Virginia Banks Inc. of Falls Church said net income increased 5.5 percent in the second quarter and 22.7 percent for the first six months of the year, the result of a record growth in car loans, an improvement in loan quality and a decline in expenses.
The bank company, which operates branches in Virginia, Maryland and Tennessee, said it earned $34.2 million (68 cents a share) in the quarter ended June 30, up from $32.4 million (62 cents) in the second quarter of 1998.
For the first six months of 1999, the company said it earned $78.5 million ($1.56), up from $64 million ($1.23) for the first six months of 1998.