StockMarketWire.com - Hotel group InterContinental Hotels pulled its interim dividend after swinging to a loss in the first half of the year, owing to a pandemic-led slump in room revenue.

For the six months ended 30 June, the company reported pre-tax losses of $275m compared with a profit of $375m on-year as revenue fell 45% to $11.2bn.

Global revenue per available room, RevPAR, declined by 52% in the first half and was down 75% in the second quarter, when occupancy at comparable hotels fell to 25%, the company said.

The company said it would not be proposing an interim dividend, citing limited visibility of the pace and scale of market recovery.

There had been 'small but steady improvements in occupancy and RevPAR through the second quarter continued into July, with an expected RevPAR decline of 58%, and occupancy rising to around 45%,' it added.

The company also said it was on track to reduce fee business costs by about $150m in 2020; targeting around half this level to be sustainable into 2021.

InterContinental Hotels said the 'near-term outlook remains uncertain and the time period for market recovery is unknown.'

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