LONDON: InterContinental Hotels Group (IHG) yesterday announced a 39 per cent jump in net profits for the second quarter to $121 million on strong growth in China and the US.
IHG said it planned to return $1 billion to shareholders through a $500m special dividend and a $500m share buyback programme.
Share price was up 6.84pc to 1,733 pence in late deals on London's FTSE 100 index, which was flat.
IHG, which owns the InterContinental, Crowne Plaza and Holiday Inn chains, said its profit after tax for the three months to June 30 compared with net earnings of $87m in the second quarter of 2011.
It reported a 3pc increase in revenues to $469m in the second quarter compared with a year earlier.
"We are confident that our strategy will deliver high quality growth in the future," chief executive Richard Solomons said.