InterContinental says half-year profits slump by quarter

0 Comments | AFP, August, 2008

LONDON (AFP) — InterContinental Hotels Group said Tuesday its net profit dropped by a quarter in the first half as it relaunches the Holiday Inn brand but was buoyant about the future despite a US economic slowdown.

"The long term trends for the travel industry remain positive" even though "market conditions have become more challenging, particularly in the US," IHG chief executive Andrew Cosslett said in the group's interim earnings statement.

In morning trade, the share price of IHG was up 1.13 percent at 759 pence on London's FTSE 100 index of top shares, which was down by 0.74 percent at 5,500.70 points.

IHG, which owns the Crowne Plaza and Holiday Inn chains of hotels, said in the statement that profit after tax fell by 26 percent to 163 million dollars...