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Interim Results

Millennium & Copthorne's Q1 pretax profit slips 27.8%

05 May 2017 07:34

Millennium & Copthorne Hotels' first-quarter pretax profit fell 27.8% to £13m, from £18m, although total revenue and revPAR improved by double-digit percentages.

Total revenue for Q1 was £223m, up 16.1% from £192m. RevPAR was up 17.7% to £70.66m, from £60.02m.

Chairman Kwek Leng Beng noted that group revenue improved during the first three months of 2017, particularly in London and New Zealand.

"Singapore RevPAR continues to be under pressure as a result of increased room supply and uncertain economic conditions," he said.

Performance in Rest of Asia was negatively affected by geo-political tensions impacting inbound tourism into Seoul and Taipei.

"Poor performance in the US region especially New York, remains a concern," said the chairman.

"We are addressing the issues contributing to the under-performance in this region and our immediate focus is on the US management structure, which is currently under review."

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