Wednesday May 7, 07:47 AM
InterContinental pre-tax profit dips
LONDON (ShareCast) - Hotel giant InterContinental Hotels Group (Virt-X: IHG2.VX - news) posted a decline in first quarter pre-tax
profit but says it is well positioned for continued growth.Pre-tax profit fell to £42m in the three months ended 31 March from £56m the year before. Revenue for the period rose to £226m from £196m. Pre-tax profit before exceptionals increased to £47m from £40m while operating profit rose 22%. Intercontinental's RevPAR growth for the quarter was 3.5%, despite the impact of the timing of Easter. "Even in a less certain economic environment our broad market coverage, record pipeline, strong brands and resilient fee based business model position us well for continued growth, said chief executive Andrew Cosslett. Total gross revenue from all hotels in the group's system was £2.2bn, up 10% at constant currency.
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