Castle blames Hawaii for Q2 loss - Bizjournals.com
December 17, 2007 - Posted in Car Rental, Expedia Travel, Hawaii resorts, Reviews
The Castle Group of Honolulu on Thursday blamed Hawaii’s weak tourism market for a 5 percent drop in second quarter revenue.
The company lost $545,882 during the three months ending June 30, compared to losses of $170,208 in the same quarter last year.
Total revenue was $4.6 million, down from $4.8 million in second quarter 2007.
The Castle Group, the parent company of
, which manages 26 properties in Hawaii, Micronesia, Thailand and New Zealand.
Alan Mattson, president and COO, said the company’s losses were offset by strong performance of non-Hawaii properties.
The Castle Group said it had anticipated the tourism decline and initiated programs expected to reduce operational costs by more than $750,000 from previously planned levels in the third and fourth quarters of 2008.
The company also said it expects to announce the addition of several properties to its portfolio during the third quarter.
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