Host Marriott Corp. said it swung to a profit in its second quarter as occupancy rates in its hotels rose 5 percent.
The Bethesda hotel real estate investment trust (REIT), the nation's second-largest, earned $17 million (2 cents a share), compared with a loss of $14 million (9 cents) in the comparable quarter a year ago. Revenue rose to $927 million from $828 million.
For the six months ended June 18, the company's loss narrowed to $14 million (10 cents) from $48 million (25 cents) in the comparable period of 2003. Revenue rose to $1.7 billion from $1.6 billion.
Funds from operations, another measure of REIT profitability, fell to 21 cents from 22 cents in the quarter and from 34 cents to 37 cents in the half.
* CoStar Group Inc. reported a profit in the second quarter amid an expansion into 21 new markets.
The Bethesda real estate information company earned $1.7 million (9 cents a share), compared with a loss of $367,000 (2 cents) in the same quarter a year ago. Revenue rose to $27.5 million from $23.2 million.
For the first six months of 2004, the company swung to a profit of $3.2 million (17 cents) from a loss of $1.2 million (8 cents) in the first half of 2003. Revenue rose to $53.7 million from $45.7 million.
* W.R. Grace & Co. said sales jumped almost 14 percent in the second quarter thanks to an improved product mix, currency translation and acquisitions.
The Columbia maker of construction chemicals, building materials and coatings, which faces an Oct. 14 deadline to file a plan to exit bankruptcy proceedings, said profit rose to $21.3 million (32 cents a share) from $6.5 million (10 cents) in the same quarter a year earlier. Revenue rose to $572.4 million from $503.4 million.
Profit for the first six months of 2004 rose to $37.1 million (56 cents) from $4.2 million (6 cents) in the same period of 2003. Revenue rose to $1.1 billion from $948 million.
* First Potomac Realty Trust said increased expenses, including costs associated with the recent acquisition of industrial buildings and recruiting costs for additional people to manage them, contributed to a second-quarter loss.
The Bethesda REIT lost $58,000 (1 cent a share) compared with a loss of $1.1 million in the same quarter a year ago for its predecessor company, which did not report per-share earnings. Revenue rose to $8.4 million from $4.5 million.
For the first half of the year, the company lost $228,000 (3 cents) compared with a loss of $2 million in the same period a year earlier. Revenue rose to $16.1 million from $8.8 million.
Funds from operations were 25 cents a share for the quarter and 48 cents for the half.
* Duratek Inc. said reduced work on stabilizing radioactive waste at the Department of Energy's Hanford site hurt revenue in its second quarter. The Columbia company said profit fell to $5.6 million (39 cents a share) from $6.6 million (34 cents) in the comparable quarter a year earlier. Revenue fell to $73.6 million from $76.8 million.
For the six months ended June 27, profit rose to $8.7 million (60 cents) from $6.8 million (35 cents) in the comparable period a year earlier. Revenue fell to $137.7 million from $140.6 million.
* Virginia Financial Group credited nine bank branches opened or bought last year with a jump in business, but profit did not rise as quickly.
Profit rose to $3.7 million (51 cents a share) from $3.6 million (50 cents) in the same quarter a year ago. For the first half of the year, the Culpeper banking company said, profit rose to $7.1 million (99 cents) from $6.9 million (96 cents) in the first six months of 2003.