InterContinental Hotels says profits double

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InterContinental Hotels Group on Tuesday said its net profit doubled to 54 million dollars (42.5 million euros) during the first quarter thanks in part to a strong performance across Asia.

Profit after tax for the world's largest hotels operator shot higher as business travellers also returned to its luxury hotels, the group said in an earnings statement.

InterContinental's net profit stood at 27 million dollars during the first three months of 2009.

Sales by the group, which owns brands including Crowne Plaza and Holiday Inn, rose three percent to 362 million dollars.

"Asia is leading the rebound and our dominant position in China underpinned an 80 percent rise in Asia-Pacific profits," InterContinental chief executive Andrew Cosslett said.

"Business travel is returning although at this stage mainly to the luxury end of the market which was most affected by the recession."

© 2010 AFP

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