Sonesta swings to a profit, but revenue falls

Sonesta International Hotels Corp. today said it swung to a profit in the second quarter on lower operating expenses and higher income from two of its hotels, while revenue dropped 15 percent.

Net income rose to $762,000, or 21 cents per share, compared with a net loss of $233,000, or 6 cents per share, a year earlier. Revenue decreased to $18.1 million from $22.8 million.

Operating expenses fell to $21.2 million from $26.8 million. The 2006 period included a $449,000 expense from the closing of Sonesta Beach Resort Key Biscayne in Florida.

Operating income rose to $1.6 million from $115,000, on higher revenue from its Royal Sonesta Hotel Boston and Royal Sonesta New Orleans hotels.

Shares of Boston-based Sonesta fell 66 cents to close at $41.41.
(AP)