Coronavirus | Marriott makes quarterly profit as tourist industry recovers


Aug 3 - Hotel operator Marriott International Inc reported a quarterly profit on Tuesday compared to a year-loss, as a recovery in travel began to assist a battered global tourist industry.

Marriott's results come at a time when a new wave of COVID - 19 cases fueled by the Delta variant of the coronavirus is hitting countries worldwide, potentially upending travel plans.

The Delta variant, which is as contagious as chickenpox and much more contagious than the common cold or flu, now comprises more than 80% of new cases in the United States and has been detected in more than 90 countries.

Marriott, which owns hotel brands including the JW Marriott and the Ritz-Carlton said occupancy in its key U.S. Canada and Greater China markets rose to 57.1% and 62.4%, respectively, in the second quarter compared to 19.6% and 35.5% last year.

While occupancy has recovered from last year's record lows, it remains well below the rates seen before pandemic.

Excluding articles, Marriott earned $0.79 per share, while revenue grew 115.1% to $3.15 billion.

Marriott's net profit was $422 million, or $1.28 per share, for the second quarter ended June 30, compared with a loss of $234 million, or 72 cents per share, a year earlier.