InterContinental Hotels Posts Surge In Profit

InterContinental Hotels Group PLC IHG reported a rise in its quarterly profit. InterContinental's net profit in the three months to March 31 surged to $154 million, versus $69 million, in the year-ago period. Its revenue climbed 3% to $409 million from $396 million. Its operating profit climbed 5% to $118 million from $112 million. Global revenue per available room gained 7%. On the same basis, InterContinental's global revenue climbed 6.1%. InterContinental shares closed at $23.88 yesterday.