Tuesday May 6, 08:34 AM
M&C profits as expected in Q1
LONDON (ShareCast) - Millennium & Copthorne Hotels grew pre-tax profit by 11% in the first quarter, broadly in line with expectations, although Easter had a negative impact on Revenue Per Available Room (RevPAR). Profit before tax
at average exchange rates rose to £22m from £19.8m in the three months to 31 March on revenue up 2.4% to £160.7m. Hotel revenue was 5% better at £158.4m.Group RevPAR was up 7.4% £51.70, although during the period from 1 January to the start of Easter on 21 March, that figure goes up to 9.7%. "The timing of Easter this year falling in March compared to April in 2007 had a negative impact on the group's performance and two of our major US properties are in the midst of major refurbishment projects," said chairman Kwek Leng Beng. "Despite this, RevPAR growth was still good, helped by continued encouraging market conditions in Singapore and New York." He added that, while it is too early to assess the repercussions of the US slowdown and credit crunch on the global economy, the firm remains confident of making further progress. The outlook remains in line with the "cautiously optimistic" tone taken at February's final figures.
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