International Hotels Investments reported an EBITDA profit of €35 million for the 2013 financial year, a 26 per cent increase on 2012. The profit after tax income was €266,000, compared with a loss the previous year of €10.4 million.

The company revenue in-creased from €119 million to €124 million.

The company said this significant improvement in operational performance was the result of higher revenues and profits in almost all of the company’s owned and managed hotels. The EBITDA of €35 million does not include the performance of IHI’s London hotel since IHI’s 50 per cent ownership of this hotel renders it an associated company, with its results being reported separate to EBITDA. This hotel’s operating profits in 2013 rose to €17 million from €9.7 million in 2012.

IHI’s financial statements report further comprehensive revaluation income of €26 million (€8 million in 2012) mainly reflecting the effect of the annual end-of-year revaluation of its hotels. This brings the total asset value of the group’s assets to over €1 billion, with a resultant net asset value per share of €1.13.

IHI said the results for 2013 highlighted a year of growth and profitability despite sluggish economic conditions in many of the countries in which the company owns and operates its five star hotels. Projections for 2014 suggest a further improvement across the company’s operations, which coupled with the sale of 11 of the company’s 12 residential apartments in London, prompted the directors to declare an interim dividend of 3c per share in April 2014.

IHI owns 100 per cent shareholdings in five-star hotels in St Petersburg, Prague, Budapest, Lisbon, Tripoli and two in Malta, as well as the 50 per cent share in the Corinthia Hotel and residences in London. IHI also owns commercial offices and retail units for rent in Tripoli and St Petersburg, besides owning the Corinthia brand and managing its own hotels and others owned by third parties, via its operating company Corinthia Hotels International.