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Millennium & Copthorne reports 17% rise in profits

21 February 2006

Millennium & Copthorne hotels has credited its strategy of operating and owning hotels for a successful year that saw turnover and profit increase.

Millennium & Copthorne reported turnover growth of 8% to £595.2m for the year ended 31 December 2005, up from £551m the previous year.

Group operating profit increased 17% to £99.6m.

Kwek Leng Beng, Millennium & Copthorne's chairman said: "We delivered good earnings growth by exploiting our operating skills in an improving trading environment and have undoubtedly benefited from our twin strategy of both operating and owning hotels worldwide."

Growth was not uniform, with New York supporting the regional US market.

Revenue per available room (revpar) in the Big Apple was £109.36, up 19.1% on 2004 at £109.36. In the rest of the US revpar increased slightly from £32.53 in 2004 to £32.86.

London revpar was £68.01, compared with £66.62 a year ago and Millennium & Copthorne's Asian portfolio saw revpar increase from £35.98 to £38.62.

Millennium & Copthorne disposed of the Bayswater Tower and Kingsgate shopping and commercial centres in Sydney during the year. It also announced plans to redevelop hotels in Calfornia and Singapore into residential condominiums.

It also added 10 new management and franchise contracts including its first property in China.

By Emily Manson

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