M&C posts 22.4% fall in H1 profit due to slower growth

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

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