H1 18 revenue came in at £477m (-1.6% yoy). At constant currency, the company’s RevPAR remained flat compared to the same period last year. Despite the good performance in North Asia and an improved RevPAR in New York, the figures were significantly impacted by the tough market conditions and ongoing refurbishments in the UK (RevPAR was down 15.1% in London). Operating profit came in at £70m (vs. £69m in H1 17), mainly due to the continued operating loss in New York de
03 Aug 2018
Ongoing refurbishments continue to limit top-line growth
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Ongoing refurbishments continue to limit top-line growth
Millennium & Copthorne Hotels New Zealand Limited (MCK:NZE) | 0 0 0.3% | Mkt Cap: 310.1m
- Published:
03 Aug 2018 -
Author:
Jie Zhang -
Pages:
3
H1 18 revenue came in at £477m (-1.6% yoy). At constant currency, the company’s RevPAR remained flat compared to the same period last year. Despite the good performance in North Asia and an improved RevPAR in New York, the figures were significantly impacted by the tough market conditions and ongoing refurbishments in the UK (RevPAR was down 15.1% in London). Operating profit came in at £70m (vs. £69m in H1 17), mainly due to the continued operating loss in New York de