Some key financial data and ratios are reported in the table below for Hemmingway Hotels and for its competitor, Fitzgerald Hotels:

Ratio Hemmingway Fitzgerald

Profit margin 4% 3%

ROA 9% 8%

Total assets P 2.0 billion P1.5 billion

BEP 20% 20%

ROE 18% 24%

On the basis of the information above, which of the following statements is most correct?

a. Hemmingway has a higher total assets turnover than Fitzgerald.

b. Hemmingway has a higher debt ratio than Fitzgerald.

c. Hemmingway has higher net income than Fitzgerald.

d. Statements a and b are correct.

e. All of the statements above are correct.