ResortQuest's income falls

Advertiser Staff

ResortQuest International Inc., parent company of Aston Hotels & Resorts Hawaii, said its net income fell 33 percent in the first quarter, but added that occupancy in Hawai'i is steadily improving.

The Memphis-based company said net income in the quarter was $2.9 million, or 15 cents per diluted share, compared to $4.3 million, or 23 cents per share, in the first quarter of 2001. Revenue was $40.5 million, 11 percent down from the $45.4 million a year ago. In Hawai'i, occupancy improved to 78.2 percent in the first quarter, up from 61.9 percent in the fourth quarter of last year.