Intercontinental Hotels in Q2 loss of $56 million after writedowns, slump in revenues
InterContinental Hotels Group PLC, the operator of Holiday Inn hotels, posted a net loss of $56 million in the second-quarter Tuesday after writing down the value of some of its recession-hit businesses.
The loss represented a turnaround from last year's profit of $101 million, and was due to $162 million worth of impairment charges as well as 27 percent slump in revenues to $375 million.
Over the half year, InterContinental posted a $29 million loss against last year's equivalent profit of $163 million.
External Source - For the complete article click here
Source - AP
Logos, product and company names mentioned are the property of their respective owners.
