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Amerihost Properties Inc. reported third-quarter profits plunged 69 percent, to $634,379, or 8 cents per share, from $2.03 million, or 30 cents per share, in the year-earlier period.
The Des Plaines-based hotel development, operations and management company said revenues fell 10 percent, to $17.4 million from $19.3 million. It cited expenses connected with the construction of new hotels and the selloff of old ones as reasons for the decline.
For the nine months, earnings dropped 88 percent, to $400,565, or 3 cents per share, from $3.2 million, or 48 cents per share, in the 1996 period. Revenues decreased 7 percent, to $48.1 million from $51.8 million.
