InterContinental Hotels Slips To Loss In H1; Announces Board Changes

(RTTNews) - InterContinental Hotels Group plc (IHG.L, IHG) reported Tuesday that its first-half loss before tax was $275 million, compared to profit of $375 million. Basic loss per share were 115.4 cents, compared to profit of 167.2 cents a year ago.

Adjusted earnings per share were 14.3 cents, compared to 148.6 cents last year.

Operating loss after exceptionals was $233 million, compared to profit of $442 million a year earlier.

Total revenue for the first half fell 45 percent to $1.25 billion from $2.28 billion last year. Revenue from reportable segments declined 52 percent to $488 million from $1.01 billion a year ago.

Global RevPAR declined 52 percent in the first half and was down 75 percent in the second quarter, when occupancy at comparable hotels fell to 25 percent.

The company further said its July comparable RevPAR is expected to be down about 58 percent. Occupancy levels in comparable open hotels improved to about 45 percent.

Looking ahead, the company noted that the near-term outlook remains uncertain and the time period for market recovery is unknown, while it is confident in its ability to meet the needs of guests and owners, and to emerge strongly when markets recover.

Separately, IHG announced that Graham Allan is to be appointed as an Independent Non-Executive Director, with effect from September 1. Allan will serve on the Audit and Remuneration Committees of the IHG Board.

Further, IHG announces that Luke Mayhew, Non-Executive Director, will be retiring from the Board, effective from December 18.