Write-downs put hotel group in red
Source: Agencies |
August 12, 2009, Wednesday
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Print Edition
Print Edition
INTERCONTINENTAL Hotels Group Plc yesterday posted a net loss of US$56 million in the second quarter after writing down the value of some of its recession-hit businesses.
The loss represented a turnaround from last year's profit of US$101 million, and was due to US$162 million worth of impairment charges as well as a 27 percent slump in revenues to US$375 million.
The company, which is the world's largest hotel company by room count and owns the Holiday Inn brand, said it was responding to the "challenging" environment by improving efficiency levels and reducing costs.
The loss represented a turnaround from last year's profit of US$101 million, and was due to US$162 million worth of impairment charges as well as a 27 percent slump in revenues to US$375 million.
The company, which is the world's largest hotel company by room count and owns the Holiday Inn brand, said it was responding to the "challenging" environment by improving efficiency levels and reducing costs.
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