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Millennium + Copthorne Hotels posts third quarter increase in revenue and profit

30 October 2014 by
Millennium + Copthorne Hotels posts third quarter increase in revenue and profit

Millennium & Copthorne Hotels has posted an increase in revenue and profit in its interim third quarter statement for the nine months to 30 September.

Occupancy had also increased to 78.3%, up from 76.5%, and the average room rate had risen to £99.26 (compared to £96.35 in 2013).

This success was driven mainly by contribution from two recent hotel acquisitions, improved hotel performance in all regions, and higher contributions from recently refurbished hotels, such as the Grand Hyatt Taipei, said the company.

Other moves in the past quarter had included the acquisition of the group's first hotel in Rome, Italy, in October, and the continuing refurbishment of the Millennium Mitsui Garden Hotel Tokyo, which is expected to open on 17 December this year.

In contrast, the group also saw a 6.1% drop in profit before tax for the nine months to September (to £108.6m down from £115.7m), which it attributed to the strength of the reporting currency - the pound sterling - and a £4.6m reduction in contributions from join ventures.

This was a similar situation to that reported in May, in which the group also posted falling profit before tax - and falling revenue - , for which it blamed the strong pound.

Kwek Leng Beng, chairman of Millennium & Copthorne Hotels, said: "Our newly acquired hotels contributed to revenue and profit in the third quarter, together with the return of refurbished rooms to inventory and stronger trading in regional US and New Zealand.

"Together, these factors helped to improve performance for the group as a whole despite challenges and economic uncertainties in some of our key markets and the continuing negative impact on reported currency results of a strong pound sterling."

The group operates 20 hotels in the UK, including seven in London. It also operates globally, including in America, France, Italy, Germany, across Asia, and in New Zealand, the Middle East, China and Taiwan.

Millennium and Copthorne Hotels reports profit drop due to "strong pound" >>

Millennium and Copthorne to buy Chelsea Harbour hotel for £65m >>

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