LONDON – InterContinental Hotels Group (IHG) today announced a return to first-half profits as Covid-19 vaccination roll-outs and the lifting of lockdowns boost travel demand.
The group, whose brands include Crowne Plaza and Holiday Inn, reported a net profit of US$48 million (RM203 million) compared to a loss after tax totalling US$210 million in the first half of the previous year.
“Trading improved significantly during the first half of 2021, with travel demand returning strongly as vaccines roll out, restrictions ease and economic activity rebuilds,” said IHG chief executive Keith Barr in the earnings statement.
He said domestic leisure bookings in the United States and China led the way, while the company also pointed to some recovery in business travel.
But, he warned of the risk of volatility ahead as “business trips, group bookings and international travel will take time to fully recover”.
The firm decided against paying an interim dividend to shareholders.
Following the results update, IHG share prices rose 0.3% on London’s benchmark FTSE 100 index, which was flat overall. – AFP, August 10, 2021
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