InterContinental Hotels Group PLC, operator of Holiday Inn hotels, on Tuesday reported a 25 percent drop in third-quarter net profit as it continued to cut its rates due to intense competition and weak demand.
InterContinental, the world's largest hotel company by room count, posted a net profit of $68 million, compared to $91 million a year earlier. Revenue fell 19 percent to $401 million.
The market took heart from pretax, pre-exceptional profits of $111 million, about a third higher than analysts' consensus but below last year's $125 million.
Revenue was down 19 percent in the Americas to $206 million; revenue in Europea/Middle East/Africa fell 25 percent and in Asia/Pacific it was down 13 percent.
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Source - AP
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