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Updated Thursday, November 12, 2009 10:47 am TWN, AFP

InterContinental Hotels reports profits fall

LONDON -- InterContinental Hotels Group on Tuesday posted a drop in third-quarter profits and said its expansion was being impacted by a "scarcity" of finance caused by the credit crunch. The world's largest hotel operator by number of rooms said net profits fell 25 percent to US$68 million (45 million euros) in the three months to September 30 compared with US$91 million during the third quarter of 2008.

Revenues at the group, whose brands include Crowne Plaza and Holiday Inn, retreated 19 percent to US$401 million.

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