IHI’s 2019 half-yearly results show €3.7 million net profit

International Hotel Investments p.l.c., the holding company of the Corinthia Group, has published unaudited consolidated financial statements for the six months ending 30 June 2019, showing increases in revenues, profits and growth across various business sectors.

Revenues topped the €122 million mark, an increase of €5.6 million over the same period in 2018.The adjusted EBITDA of the company, including that contributed by the company’s share of ownership in such significant subsidiaries as the Corinthia Hotel in London, was €25.4 million.

Net profit after tax has been set at €3.7 million compared to a loss of €3.3 million reported in the same period last year.

IHI is an owner, investor, developer and operator of high-end real estate including the Corinthia Hotels portfolio.

During the period under review, the company spear-headed and acquired a share in a major landmark property on Moscow’s principal boulevard which, following its redevelopment, will feature a luxury Corinthia hotel and over 100 branded apartments for sale.  

In April, the company’s subsidiary Corinthia Hotels Limited, its hotel management arm acquired a strategic shareholding in the Global Hotel Alliance, the world’s largest alliance of independent hotel brands and operator of the award winning, multi-brand loyalty programme, DISCOVERY.

The general business outlook for IHI’s hotels and other operations for the rest of 2019 remains positive.