Millennium and Copthorne Hotels’ profit up 24.4%

Millennium and Copthorne Hotels (M&C), a UK-listed hotel operator controlled by Singapore tycoon Kwek Leng Beng, has reported a profit before tax of 36.7 million pounds for the fourth quarter, an increase of 24.4 per cent year-on-year.

For the full year, pre-tax profit rose 57 per cent to 128.6 million pounds.

Fourth-quarter hotel revenue increased 17 per cent to 205.4 million pounds, while full-year sales stood at 734 million pounds, a rise of 13.5 per cent.

The group saw its earnings per share go up by 35 per cent to 30.9 pence.

The board is proposing a final dividend of 7.92 pence per ordinary share, bringing the total dividend for the year to 10 pence per share.

Looking ahead, the group said it is confident that its strategies will place the company in a competitive position for 2011.

Source : Channel NewsAsia – 16 Feb 2011

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