Hotel chain operator Millennium Copthorne’s full-year pretax profit jumped 54 per cent due to accrued one-time revenue from condominium sales by its Singapore subsidiary.
The hotel chain operator, which recently acquired Novotel New York and the Chelsea Hotel in London, said pretax profit rose to 263.6 million pounds (US$439.14 million) in the year ended Dec 31 from 171.3 million pounds a year earlier.
Revenue rose 35 per cent to 1.04 billion pounds.
The company had said in December that the sale of 147 condominiums by its subsidiary Glyndebourne Development in Singapore brought in revenue of 274 million pounds, and it expected pretax profit to rise by 130 million-140 million pounds.
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