Jurys Doyle Hotels posted a 12 per cent decline in profits for the six months ending October 2000.
That beat market expectations in a period the group described as the most challenging in many years.
Turnover amounted to €137.9 million - a rise of 6 per cent over the corresponding period in 2000. Operating profit fell 2 per cent to €40.6 million during the period.
Pre-tax profits fell by 12 per cent to €28.8 million reflecting increased interest costs. Similarly, basic earnings per share fell 10 per cent.
The market welcomed the results as Jury shares rose 1 per cent to €9.10.
Mr Stephen Furlong of Davy Stockbrokers described the results as "excellent" considering the difficult trading environment.
"The EPS decline of 10 per cent to 40.4 cent was ahead of our forecast and gives us confidence that there is some upside in our full year forecasts of 69.6 cent, which at this stage we are conservatively leaving unchanged," Mr Furlong said.