International Hotels Investment said that total revenue last year rose by 72 per cent to €104.2 million as against the €60.4 million registered in 2006.

Gross profit improved by 81 per cent to €38.4 million last year, compared to €21.2 million in 2006.

The increase in operational earnings was mainly driven by the acquisition of the Corinthia Bab Africa Hotel and the Corinthia Hotel Prague in May 2007.

IHI also reported that profit after tax rose to €10 million from a loss situation of €10.5 million in 2006.

Non-current assets rose considerably, by 102 per cent, to €798.2 million in 2007, up from €394.8 million in 2006, due to the acquisition of the two hotels.

The company's annual general meeting approved a resolution to capitalise an amount not exceeding €16.117 million from reserves and issue bonus shares in a proportion of three for every 100 ordinary shares held. The allotment will be made to members appearing on the register of members at close of business on April 18, 2008.

The meeting appointed Grant Thornton as auditors and thanked the outgoing auditors, KPMG, for their services over the past eight years.