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InterContinental Hotels 2009 profit down 19%

InterContinental Hotels 2009 profit down 19%
AP
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First Published: Tue, Feb 16 2010. 02 44 PM IST
Updated: Tue, Feb 16 2010. 02 44 PM IST
London: InterContinental Hotels Group Plc, which operates InterContinental hotels, Crowne Plaza and Holiday Inn, reported Tuesday that net profit fell 19% in 2009 to $214 million.
Revenue also fell by 19% to $1.54 billion, and the company said it anticipated another tough year in 2010.
InterContinental shares fell 1.2% to 909.5 pence on the London Stock Exchange.
Revenue per available room, a key industry measure, declined 14.7% on a constant currency basis for the year, including a 10.9% year-on-year drop in the fourth quarter.
Revenue per available room was down 15.9% in the Americas, 14.8% in Europe and Middle East, and 13.5% lower in Asia and Pacific.
InterContinental did not break out fourth quarter earnings.
“2009 was a very challenging year for the industry,” said chief executive Andrew Cosslett.
“The fourth quarter did show some improvement in trends and occupancy has now stabilized. Rates however remains under pressure and we expect trading to stay tough until business travelers return in greater numbers.”
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First Published: Tue, Feb 16 2010. 02 44 PM IST