Millennium & Copthorne posted poor H1 16 results due to refurbishments in London and New York and difficult trading conditions in its main gateway cities: New York (RevPAR -8.6% lfl excluding ONE UN closed for refurbishment), London (-7.1% excluding Bailey’s) and Singapore (-10.2%) which totalled 80% of hotels’ sales in H1 16. The forex impact and property revenues helped total revenue to increase by 3.5% to £418m. Operating profit decreased from £64m in H1 15 to &
04 Aug 2016
Poor H1 16 results
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Poor H1 16 results
Millennium & Copthorne Hotels New Zealand Limited (MCK:NZE) | 0 0 0.3% | Mkt Cap: 310.1m
- Published:
04 Aug 2016 -
Author:
Bérénice Lacroix -
Pages:
2
Millennium & Copthorne posted poor H1 16 results due to refurbishments in London and New York and difficult trading conditions in its main gateway cities: New York (RevPAR -8.6% lfl excluding ONE UN closed for refurbishment), London (-7.1% excluding Bailey’s) and Singapore (-10.2%) which totalled 80% of hotels’ sales in H1 16. The forex impact and property revenues helped total revenue to increase by 3.5% to £418m. Operating profit decreased from £64m in H1 15 to &