InterContinental books 26-percent rise in 2005 profits
AFP, March, 2006
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LONDON (AFP) — InterContinental Hotels Group announced that its net profit increased by 26-percent, partly reflecting gains from ongoing business restructuring.
Group net profit stood at 515 million pounds (754 million euros, 899 million dollars) last year compared with 2004's performance.
InterContinental said it was continuing with its cash distribution programme, funded by proceeds from asset sales.
Following disposal of its shares in Britvic, Britain's second-biggest soft drinks company, for 371 million pounds, the group announced a further 500 million pounds in special dividends to be paid to shareholders during 2006.
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InterContinental also raised its annual dividend by 7.0 percent to 15.3 pence.
Cost cutting and asset disposals mitigated the 13.0-percent fall in group revenues to 1.91 billion pounds last year.
Operating profit, meanwhile, grew 7.0 ...
