International Hotel Investments (IHI), the publicly traded company of the Corinthia Group, has reported a 30 per cent rise in operating profit for 2015.
The company’s operating profit (EBITDA) for last year stood at €44 million compared with €34 million in 2014, marking an increase of €10 million. The above figure includes earnings from wholly-owned subsidiary companies as well as from companies in which IHI has a 50 per cent share.
The Corinthia Hotel St PetersburgIHI’s total asset base went up to €1.16 billion in 2015, a 15 per cent rise over the previous year.
IHI chairman Alfred Pisani said: “I am hugely satisfied that we have managed to increase profitability in practically all our operations.
“This shows that our strategy to export our brand on a global level – and to operate as a multifaceted business which provides a unique blend of development know-how, project management and ultimately hotel operations – is paying off.
“We intend to continue building on this and hope to be in a position to announce new projects in prime locations in the coming weeks to complement Corinthia’s growing portfolio of luxury hotels.”
IHI has also approved a three per cent bonus share issue to all shareholders on the company’s register as at June 30, which will be distributed from the company’s capital reserves.
The bonus shares are to be issued to all eligible shareholders.
Further details will be announced shortly, the company said.