By Jaime Llinares Taboada
InterContinental Hotels Group PLC on Tuesday reported that it swung to a profit in the first half of the year, as demand improved from a year earlier.
The hotel chain made a net profit of $48 million in the six months ended June 30, swinging from a $210 million loss a year earlier--when travel restrictions significantly hurt the business.
First-half operating profit swung to $138 million from a $233 million loss, it said.
Revenue per available room--an important industry metric--was up 20% on year, reflecting higher demand, although it was 43% below 2019 levels, it said.
InterContinental said performance has improved significantly, leading to a rebound in profitability. It said it won't pay an interim dividend for the period.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT