Friday 29 Mar 2024
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SINGAPORE (May 4): Millennium & Copthorne Hotels (M&C Hotels) reported a doubling of 1Q18 earnings to £26 million (S$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...(click on link for full story on theedgesingapore.com)

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