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Millennium & Copthorne Q1 pretax profit slips

07 May 2015 07:49

Millennium & Copthorne Hotels' Q1 pretax profit slipped 5% to £19m, from £20m. Revenue was £189m, up 8% from £175m, this mostly due to higher contributions from refurbished hotels and acquisitions. RevPAR was £61.6m, up 5.8% from £58.23,m driven mainly by a higher average room rate.

Chairman Kwek Leng Beng commented:

"Overall trading results in the first three months of 2015 were in line with the slower trading pattern that the Group normally sees in the first quarter and in line with expectations, although it is too early to predict performance for the full year.

"Management is focused on maintaining profitability by containing costs, especially in Singapore and New York."

Story provided by StockMarketWire.com

Related Company: MLC

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