InterContinental says quarterly profit slides by third
AFP, May, 2008
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LONDON (AFP) — InterContinental Hotels Group said on Wednesday that its net profit slumped by a third in the first quarter as it relaunched its Holiday Inn brand, but gave a positive outlook even amid economic unrest.
The British company said net profit slumped by 34 percent to 31 million pounds (39 million euros, 61 million dollars) in the three months to March 31, compared with the same period in 2007.
"The credit crunch has had very little impact on our business," group chief executive Andrew Cosslett told reporters on a conference call following publication of the results.
"There has been a lot written about it in the press, but it hasn't affected our ability to do business and sign-up new customers," he added.
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InterContinental, which owns the Crowne Plaza, also saw profit drop as it lacked a repeat of an exceptional gain won the previous year from ...
