Millennium & Copthorne Hotels has reported a 22.4 per cent decline in first-half earnings, due to slower growth in UK and New Zealand.
Profit for the six months ended June came in at 45 million pounds or US$88 million. The bottomline was also weighed down by costs of refurbishing hotels in Boston and Chicago.
M&C’s revenue rose by 4.5 per cent to 338 million pounds.
The group owns, manages and franchises a portfolio of hotels located in the United States, Europe, Middle East, Asia and New Zealand.
Source : Channel NewsAsia – 7 Aug 2008