World Cup boost helps Holiday Inn owner IHG offset Iran war hit

Earnings
โดย Yahoo Finance UK·GB·Read original
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InterContinental Hotels Group reported that a World Cup-driven demand boost helped offset the impact of the Iran war on its Middle Eastern business. Revenue per available room rose 4.8% in the Americas over the half-year, with second-quarter growth of 5.4% aided by World Cup match locations adding about 1% to growth. Underlying revenues increased 6% to 1.26 billion US dollars and operating profit rose 10% to 665 million dollars for the six months to June 30, though statutory pre-tax profit fell 9% to 578 million dollars. Global RevPAR grew 4.1% in the first half but slowed to 3.5% in the second quarter, as Middle East RevPAR, which accounts for 5% of IHG's system size, slumped 19% in the second quarter following a 2% drop in the first quarter. Chief Executive Elie Maalouf said ongoing impacts from the Middle East conflict are expected to be fully offset by growth in demand elsewhere.

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