International Hotel Investments plc - Full-Year Results

The 2008 full-year results of International Hotel Investments plc were published on Monday 13 April 2009 following a Board of Directors meeting held on Thursday 9 April. Similar to last year, no dividend was declared. However in 2008 IHI had distributed a bonus issue of 3 new shares for every 100 held.

During the year ended 31 December 2008, the International Hotel Investments Group generated a pre-tax profit of €22.3 million when compared to a pre-tax profit of €14 million in 2007. The Group’s turnover during 2008 amounted to €127.9 million – an increase of 23% over that registered in 2007. This increase in revenue was mainly attributable to the fact that the Corinthia Bab Africa Hotel and Commercial Centre in Tripoli and the Corinthia Hotel in Prague were for the first time included in the Group’s financials for a full year. The Group explained that the hospitality industry has started to face the challenges brought about by the international economic recession which dampened the forecasted 2008 operations.  Furthermore, the current international economic crisis may also have a bigger impact on the Group’s operational results for 2009.

A copy of the Preliminary Profits Announcement can be downloaded from here.

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