DENHAM (dpa-AFX) - Intercontinental Hotels Group plc. (IHG.L, IHG) announced that its 2017 revenue has more than doubled after it restated its results for the last two years to reflect the adoption of new accounting standard IFRS 15.
After restatement, the revenue for the last year was $4.08 billion, compared with the $1.78 billion it originally reported.
Pretax profit for last year was restated as $656 million, compared with the prior reported $678 million in February.
InterContinental Hotels specified that group free cash flows remain unchanged
InterContinental said it has adopted a new regional structure and IHG's Europe and Asia, Middle East and Africa regions have been combined to form a new Europe, Middle East, Asia & Africa (EMEAA) operating segment. The Americas and Greater China operating segments remain unchanged.
Copyright RTT News/dpa-AFX