LONDON (ShareCast) - Hotel operator Millennium (TIBR3.SA - news) & Copthorne unveiled a 27% drop in third quarter pre-tax profit
but has seen strong trading in the fourth quarter.
"Our current bookings are showing some positive momentum in demand. While it is too early to predict with accuracy how markets will behave in 2010 we are encouraged by these improving trends which suggest that the worst may be behind us," the group said in a company statement.
Profit before tax fell to £21.9 in the third quarter to 30 September 2009 from £30.0m the same time a year before. Revenue for the quarter fell to £160.4m from £173.9m before. RevPAR (revenue per available room), an important indicator of business performance, fell 7.7% to £54.50m.
Chairman Kwek Leng Beng said, "I believe that the industry is moving in the right direction. The rate of decline of our global RevPAR has slowed quarter-on-quarter and this trend has continued into October."
Millennium & Copthorne added that a strong focus on revenue generation and tight cost control, has delivered savings of £66.8m and generated £53.6m in operating cash flow.
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