Host Marriott Results Improve
Host Marriott, a real estate investment trust, said its third-quarter funds from operations, a common measure of REIT performance, more than tripled to $74 million (19 cents a share), from $21 million (6 cents) in the comparable quarter last year. The Bethesda-based hotel owner said it lost $5 million (3 cents) in the period ended Sept. 9, compared with a loss of $47 million (17 cents). Revenue was up 7.7 percent, to $841 million. Revenue per available room for comparable hotels increased 8 percent. That did not include results from its damaged New Orleans Marriott.
Virginia Commerce Bancorp Increases Profit
Virginia Commerce Bancorp, an Arlington bank, said its third-quarter profit increased 39 percent because of strong loan growth and new branch openings. Virginia Commerce had a profit of $5.3 million (35 cents a share) in the three months ended Sept. 30, up from $3.8 million (26 cents). Virginia Commerce's net interest margin, a key measure of bank profitability, was 4.21 percent in the most recent quarter, up from 4.13 percent.
Media General's Earnings Decline
Media General, a newspaper publisher and TV station operator, said its third-quarter profit fell 38 percent because of lower broadcast revenue and higher newsprint and energy expenses. The Richmond media company had a profit of $9.8 million (41 cents a share) in the quarter ended Sept. 25, down from $15.7 million (66 cents a share). Sales rose 1.5 percent, to $220.8 million.
Compiled from staff and news service reports.