TORONTO (Bloomberg) — Four Seasons Inc., the luxury-hotel operator that received a $3.7 billion bid to be bought this week, posted a third-quarter profit as it charged customers higher rates.Net income was $10.9 million, or 29 cents a share, compared with a loss of $11.4 million, or 31 cents, a year earlier, the Toronto-based company said yesterday in a statement. Revenue rose 12 percent to $58.2 million, the first gain in six quarters, and below analysts’ estimates of $58.8 million.

Revenue per available room, a measure of average occupancy and room rates, increased 9.7 percent, the company said. The gain was boosted by a 12 percent rise in room rates. Hotel companies are benefiting from rising demand among executives and tourists seeking rooms in New York, Los Angeles and other markets where few new hotels are being built.

“The quarter was in line with expectations, so everything is good,” said Jim Hall, a fund manager with Mawer Investment Management Co. in Calgary, which holds 160,000 of the company’s shares among about $665 million in asset. “That’s all secondary to the outstanding offer.”

Four Seasons shares lost 14 cents to $82.06 at in New York Stock Exchange composite trading. The shares are up 28 percent since the day before the takeover bid was announced on November 6.

A year earlier, asset writedowns and a decline in the value of earnings because of foreign-exchange fluctuations amounted to $21.1 million, the company said.

Excluding such one-time items, Four Seasons would have earned 29 cents a share compared with 22 cents a year earlier, it said. Fluctuations in foreign exchange rates against the U.S. dollar contributed $1.3 million in the quarter compared with a $16.2 million decline a year earlier.