Millennium & Copthorne sees steep 77% increase in Q1 profits

Hotelier Millennium & Copthorne has posted a profit of 12.2 million pounds (S$25.5 million) for the first quarter of this year.

This is a 77 per cent increase from the same quarter a year ago.

This was attributed to signs of recovery in some markets led by Singapore and New York.

Meanwhile, revenue for the quarter was 160.5 million pounds, a 2.2 per cent increase from the same period last year.

Looking forward, the London-listed Millennium & Copthorne says areas like Europe and regional hotels in the US remain a challenge still.

London is also expected to recover slowly from the impact of the reduction of aircrew business

However, the company adds that it is still too early to predict trading performance for the year.

Millennium & Copthorne is 53.4 per cent owned by Singapore property developer City Developments.

Source : Channel NewsAsia – 5 May 2010

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