InterContinental Profits Drop

19th February 2008 (Last Updated February 19th, 2008 10:59)

InterContinental Hotels Group has reported a profit drop of 43 percent in 2007, after the firm sold fewer properties than in 2006. Net income fell to £231m from £405m a year ago, but revPAR increased seven percent. Operating profit increased 19 percent to £237m and sales from

InterContinental Hotels Group has reported a profit drop of 43 percent in 2007, after the firm sold fewer properties than in 2006.

Net income fell to £231m from £405m a year ago, but revPAR increased seven percent.

Operating profit increased 19 percent to £237m and sales from continuing operations rose 12 percent to £883m.

InterContinental says it still owns 18 properties, which will be sold in the coming years.

In 2007, InterContinental added 125,533 rooms through management or franchise contracts, an increase of 22 percent on 2006.

By staff writer