Castle Group swings to a profit, helped by New Zealand hotel revenue
Honolulu-based Castle Group Inc. swung to a profit in the first quarter from a loss in the same period a year earlier, helped by an increase in revenue from its New Zealand hotel operations.
Castle Group earned $57,414 for the January-through-March quarter, compared to a loss of $47,623 a year earlier.
Revenue increased 8 percent to $4.3 million from $4.0 in the first quarter of 2009. That was driven by a 52 percent rise in revenue from New Zealand operations to $2 million from $1.3 million.
The Castle Group said it managed to post a profit in the first quarter despite a continued decline in room rates in various markets where its operates.
Castle operates 22 hotels on five Hawaiian Islands and one hotel each in New Zealand and Saipan.