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Intercontinental Hotels swings to annual loss on virus impact
StockMarketWire.com
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Hotel group Intercontinental Hotels swung to annual loss, driven by a pandemic-led impact to revenue across its markets.
For the year ended 31 December 2020, the company reported a pre-tax profit loss of $280 million, compared with a profit of $542 million year-on-year as revenue fell 48.3% to $2.39 billion from $4.63 billion.
Revenue per available room, or RevPAR, fell 53% in the full year, with RevPAR in the Americas, EMEAA, Greater China falling by 48.5%, 64.8%, 40.5% respectively.
Covid-19 'significantly' impacted IHG's financial performance in 2020, resulting in large RevPAR declines in all regions, commencing in the first quarter of the year as governments across the globe imposed lockdown restrictions,' the company said.
The company did not proposed a dividend for 2020, and said it would 'consider future dividends once visibility of the pace and scale of market recovery has improved.'
Looking ahead, the company said the impact of Covid-19 continued into 2021.
A more meaningful progress towards recovery for the industry was 'unlikely until later in the year and dependent on global vaccine rollouts, lifting of restrictions and an acceleration in economic activity,' it added.
Story provided by StockMarketWire.com
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