IHI results for last year highlight a year of growth and profitability despite sluggish economic conditions in many of the countries in which the company owns and operates its five star hotels.

The results, published today show an EBITDA profit of €35 million, a 26 per cent increase on 2012.

The group said in a statement this significant improvement in the company’s operational performance was the result of higher revenues and profits in almost all of the company’s owned and managed hotels.

This profit does not include the significant performance of IHI’s London hotel since IHI’s 50 per cent ownership of this hotel renders it an associated company.

Projections for 2014 suggest a further improvement across the company’s operations, which coupled with the sale of 11 of the company’s 12 residential apartments in London.

This prompted the directors to declare an interim dividend of 3c per share in April 2014.

IHI owns 100 per cent shareholdings in five-star hotels in St Petersburg, Prague, Budapest, Lisbon, Tripoli and two in Malta, as well as a 50 per cent share in the Corinthia Hotel and residences in London.

It also owns commercial offices and retail units for rent in Tripoli and St Petersburg, besides owning the Corinthia Brand and managing its own hotels and others owned by third parties, via its operating company Corinthia Hotels International.

IHI’s financial statements report further comprehensive revaluation income of €26 million (€8 million in 2012) mainly reflecting the effect of the annual end-of-year revaluation of its hotels. This brings the total asset value of the group’s assets to over €1 billion, with a resultant net asset value per share of €1.13.