InterContinental Hotels Q3 profit down 25 pct
InterContinental Hotels 3rd quarter profit falls 25 percent as it lowers rates
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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