IHG profit drops 34% in 2009
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InterContinental Hotels Group (IHG) has released its annual results for 2009, with operating profit, before exceptional items, declining 34% year-on-year to of US$363 million. Revenue dropped 19% to US$1.54 million, as the group’s revenue per available room (revPAR) fell 14.7%. The group opened 439 hotels last year, with a net addition of 26,828 rooms. The total number of IHG hotels increased 6% to 4,438. IHG Chairman, David Webster, commented that the company achieved a US$50 million reduction in costs, representing a saving of over 15%.
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