IHG sees profits climb 33% in Q3 of 2011

08 November 2011 by
IHG sees profits climb 33% in Q3 of 2011

International hotel group IHG, owner of the Holiday Inn and Intercontinental brands, has seen operating profit rise by a third in the third quarter of 2011.

Operating profit was up to $153m (£95m), compared with $115m (£71.5m) in the same period the year before. Meanwhile revenue climbed 11% to $467m (£290m).

Global revenue per available room (revpar) was up 6.4%, driven by 10.8% revpar growth in China and 8% in the USA.

Revpar growth in Europe, the Middle East and Asia increased 3.6%. That climbed to 4.5% if the effects of the political unrest in Egypt and Bahrain were discounted.

IHG also gained an exceptional operating credit of $28m (£17.4m) relating to the closure of its defined benefit pension scheme in the UK, with effect from 1 July 2013.

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By Neil Gerrard

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