Sunday, February 23, 2014

Hotel chain M&C"s profit jumps on Singapore condo sales




Feb 21 (Reuters) – Hotel chain operator Millennium

Copthorne’s full-year pretax profit jumped 54 percent

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 ($439.14 million) in the year ended

Dec. 31 from 171.3 million pounds a year earlier.


Revenue rose 35 percent 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.


The sale contributed 139.3 million pounds to pretax profit,

the company said on Friday.


Millennium Copthorne, which operates over 110 hotels under

brands such as Millennium, Grand Millennium, Copthorne and

Kingsgate – said revenue per available room (RevPAR) rose 3.4

percent to 69.58 pounds due to overall improvement in room rates

in the United States.


MC, whose three main gateway cities are Singapore, London

and New York, said group RevPAR increased 5.3 percent in the

first six weeks of 2014 on a reported currency basis, with

RevPAR up 5.8 percent in New York.


The company also proposed a final dividend of 11.51 pence

per share and a special dividend of 9.15 pence.


Shares in the company, majority-owned by Kwek Leng Beng’s

Singapore-based property company City Developments Ltd

, closed at 571.5 pence on Thursday.





Hotel chain M&C"s profit jumps on Singapore condo sales

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