Profit falls for LV retail developer

TORONTO -- Developer TrizecHahn Corp. reported net income of $3.1 million, or 2 cents per share, for the quarter ending Dec. 31. That's down from $215 million, or $1.25 per share, in the year-ago quarter.

The company attributed the drop in quarterly income to nonrecurring items, including loss on early debt retirement and reorganization costs.

Year-end net income was $94 million, or 61 cents per share, down from $529 million or $3.46 per share a year earlier.

Before nonrecurring debts, the company reported year-end net income of $155 million, up from $118 million a year earlier.

Revenues for the year increased 23 percent to $1.2 billion. Rental income for the period was up 20 percent to $653 million compared to $542 million in 1998.

The company also reported that in Las Vegas, more than 80 percent of its Desert Passage retail complex at the new Aladdin hotel-casino has been leased. The project is to open on Aug. 17.

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