this blog is spored BY reflex Eco Group
VENTURES AFRICA – World’s largest hotel operator, InterContinental Hotels Group (IHG) has seen its share price falls after it announced a decline in net profit as a result of increased taxation.
Although the company had recorded revenue of $1.9 billion, a 3.7 per cent increase, net profit fell 31 percent to $372 million in 2013, leading to a 4 percent dive in share price.
Despite economic uncertainties, the hotel group said it remains confident of attracting greater profit margins this year, following improved demand from the US.
“Looking into 2014, although economic conditions in some markets remain uncertain, forward bookings data is encouraging and we are confident that we will deliver another year of growth,” Richard Solomons, Chief Executive of IHG said.
IHG is a major player in the global hospitality industry, with controlling interest in various brands including Crowne Plaza, Holiday Inn and InterContinental, which recently opened a luxurious hotel in Lagos, Nigeria’s commercial hub. Intercontinental Hotel Nigeria is touted as the 1st luxury 5-star hotel in the country and the tallest in West Africa.