UPDATE: InterContinental Hotels Posts Higher Profit

InterContinental Hotels Group PLC IHG reported a rise in its net profit. Its operating profit for the six months to June 30 climbed 20% y/y to $338 million, beating analysts' estimates of $323 million. Its net profit surged to $340 million from $271 million, while revenue gained 7% to $936 million. InterContinental Hotels' revenue per available room rose 3.7%. InterContinental Hotels shares closed at $29.29 yesterday.