Home Capital Results

Millennium & Copthorne's 1Q earnings double to $47 mil on higher associate contributions

Michelle Zhu
Michelle Zhu5/4/2018 04:10 PM GMT+08  • 2 min read
Millennium & Copthorne's 1Q earnings double to $47 mil on higher associate contributions
SINGAPORE (May 4): Millennium & Copthorne Hotels (M&C Hotels) reported a doubling of 1Q18 earnings to £26 million ($47 million) from £13 million a year ago, due to higher profit contributions from associated companies as well as a one-off gain from disp
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

SINGAPORE (May 4): Millennium & Copthorne Hotels (M&C Hotels) reported a doubling of 1Q18 earnings to £26 million ($47 million) from £13 million a year ago, due to higher profit contributions from associated companies as well as a one-off gain from disposal.

Revenue for the quarter fell 3.1% to £68.5 million from £70.7 million a year ago due to a foreign exchange loss of £13 million registered over the period, which led to 2.1% lower reported hotel revenue of £187 million compared to £191 million in 1Q17.

The performance in London was particularly affected by the partial closure of Millennium Hotel London Mayfair, which is normally a significant revenue contributor for the region, together with slower trading at the other London hotels.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now