SINGAPORE (Nov 2): Millennium & Copthorne Hotels has posted earnings of GBP 59 million ($100 million) for 9MFY16, compared with earnings of GBP60 mil for 9MFY15.

Revenue over the same period rose by GBP 50 million to GBP 665 million, on the back of higher land sales and REIT revenue, and exchange gains. The increase was mitigated by lower hotel revenue.

M&C said that the depreciation of the pound after the Brexit vote had added GBP 43 million to its reported revenue and GBP 7 million to its pre-tax earnings during the 9-month period.

Revenue per available room had in fact fallen 3.2% during the period in constant currency – due to a 0.5 percentage point decline in occupancy and a 2.4% decrease in average room rate – but rose 3.5% to GBP 73.9 million from translation effects.

In a similar fashion, hotel revenue fell 2.8% in constant currency, but rose 3.9% to GBP 581 million in the reported currency. Trading remained weak in New York and Singapore.

Pre-tax earnings also fell 2.9% in constant currency and rose 4.1% in reported currency.

M&C’s chairman Kwek Leng Beng said that the outlook for the UK economy remains “uncertain” but added that the group’s London hotels have seen an uptick in leisure travellers, and is benefitting from favourable foreign exchange movements. At the same time, the group continues to focus on improving its margins and adds that asset ownership remains key to its business strategy.

The group did not declare any dividends for the current financial period.

Shares in M&C were trading GBP 1.30 higher at GBP 443.7 on Wednesday.

Millennium & Copthorne Hotels’ 9M earnings fall marginally to GBP 59 mil

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Millennium & Copthorne Hotels’ 9M earnings fall marginally to GBP 59 mil

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