InterContinental Hotels 2009 Profit Down 19%

InterContinental Hotels Group PLC, which operates InterContinental hotels, Crowne Plaza and Holiday Inn, reported Tuesday that net profit fell 19 percent in 2009 to $214 million.

Revenue also fell by 19 percent to $1.54 billion, and the company said it anticipated another tough year in 2010.

InterContinental shares fell 1.2 percent to 909.5 pence on the London Stock Exchange.

Revenue per available room, a key industry measure, declined 14.7 percent on a constant currency basis for the year, including a 10.9 percent year-on-year drop in the fourth quarter.

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Source - AP