LONDON - InterContinental Hotels Group says its net profit dropped by 26 percent to $163 million during the first half of the year compared with the same period in 2007.
IHG, which owns the Crowne Plaza and Holiday Inn chains of hotels, added in its earnings statement that sales increased by 14 percent to $952 million in the six months to June 30.
Profits after tax fell during the first half on costs related to a relaunch of the Holiday Inn brand, while British group IHG did not repeat an exceptional gain it had made in the first six months of 2007 from the sale of investments.
Source: AFP
Publisher: I-Net Bridge
Source: I-Net Bridge
