Olympics boosts RevPAR for Millennium and Copthorne Hotels
Millennium & Copthorne Hotels has reported a 2.6% rise in group revenue per available room (RevPar) boosted by the 2012 London Olympics.
The company, whose brands include Millennium, Grand Millennium, Copthorne and Kingsgate, said London RevPAR increased 20% for the third quarter of 2012.
Profit before tax fell 45% to £38.1m, while revenue fell 21% to £191.2m. Revenue from hotels fell nearly 4% to £187.7m.
Commenting on the results chairman Kwek Leng Beng said: "The group delivered a satisfactory performance during the third quarter of 2012, despite challenging trading conditions and global economic uncertainty. London performed well during and after the Olympic and Paralympic games, and New York completed the renovation and refurbishment of the west tower of ONE UN on time.
"We remain cautious in light of continuing economic uncertainty but the outlook for 2012 full year performance is in line with management expectations. Our strong balance sheet means that we are well positioned to continue developing our asset portfolio."
Millennium & Copthorne enjoys 50% rise in pre-tax profits >>