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MLC's GBP43m impairment

12 February 2016 07:22

Millennium and Copthorne Hotels has warned of a net GBP43m impairment against pretax profits in the year to Dec. 31, 2015.

The net charge included GBP76m of impairment losses relating primarily to four of M&C's properties located in the operating segments of New York, Rest of Europe and Rest of Asia. This was partially offset by net revaluation gains of about GBP33m on M&C's investment properties.

"Performance of those assets, especially the four hotels referred to above, that are to be impaired is being closely monitored. With regard to such properties, management is considering appropriate strategies to further control costs and increase revenue, including exploring additional sales channels, enhanced sales and marketing efforts and the implementation of brand initiatives," the company said.

"Meanwhile, the ongoing asset refurbishment programmes are continuing and are anticipated to yield benefits in the future." Story provided by

Related Company: MLC

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