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InterContinental Hotels Group offsets Middle East conflict impact with World Cup demand
InterContinental Hotels Group (IHG) reported a rise in half-year revenues and operating profits, despite significant disruptions caused by the conflict in the Middle East. Underlying revenues grew 6% to 1.26 billion US dollars for the six months ending June 30, while operating profits increased by 10% to 665 million dollars. However, statutory pre-tax profits saw a 9% decline, falling to 578 million dollars.
The group’s performance was bolstered by demand related to World Cup football match locations, which contributed approximately 1% to growth in the Americas. This helped offset a sharp decline in the Middle East, where revenue per available room (RevPAR) slumped by 19% in the second quarter.
Globally, RevPAR rose 4.1% over the first half. Regional growth was noted in the UK, Continental Europe, Asia Pacific, and Greater China, which saw a boost from Chinese New Year bookings. IHG Chief Executive Elie Maalouf stated that the company expects growth in other regions to fully offset the ongoing impacts of the Middle East conflict on international travel.
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What the coverage asserts, and how well corroborated each claim is across sources.
- [● 3 SOURCES] World Cup football match locations added approximately 1% to growth in the Americas. www.standard.co.uk · ca.news.yahoo.com · www.independent.co.uk
- [● 3 SOURCES] Operating profits increased by 10% to 665 million dollars. www.standard.co.uk · ca.news.yahoo.com · www.independent.co.uk
- [● 3 SOURCES] Growth in demand elsewhere is expected to fully offset impacts from the Middle East conflict. www.standard.co.uk · ca.news.yahoo.com · www.independent.co.uk
- [● 3 SOURCES] Revenue per available room (RevPAR) in the Middle East dropped 19% in the second quarter. www.standard.co.uk · ca.news.yahoo.com · www.independent.co.uk
- [● 3 SOURCES] Underlying revenues rose 6% to 1.26 billion US dollars for the six months ending June 30. www.standard.co.uk · ca.news.yahoo.com · www.independent.co.uk
- [● 3 SOURCES] Statutory pre-tax profits fell 9% to 578 million dollars. www.standard.co.uk · ca.news.yahoo.com · www.independent.co.uk