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Millennium & Copthorne makes gains all round

Millennium & Copthorne Hotels plc increased June half group operating profit 131% to £35.8 million on turnover up 8% to £262.7 million.


The 2003 result included £7 million pre-opening expenses for the Millenium Hilton Hotel, New York.


Pretax, the London-based parent of New Zealand’s CDL Hotels group turned round from a £6.3 million loss to a £20.6 million profit.


Earnings/share improved from 2.2p to 4.6p.


Group occupancies increased from 61.1% to 69.5%, with growth in all regions. Average room rate slipped from £60.74 to £59.68. Group revpar (revenue/available room) rose 12%, from £37.11 to £41.48, led by significant improvements in New York, London & Asia. Gross operating profit margin rose from 29.4% to 32.4%.


On a same-store basis, excluding the Millenium Hilton in New York and at a constant exchange rate, occupancy rose from 60.9% to 69.1%, room rate rose 0.6% to £57.66, revpar 14% to £39.84.


Among regional results (the full release gives details regionally across the US, also Europe), same-store Asian occupamcy rose from 48% to 71.4%, average room rate fell from £47.73 to £46.93, revpar rose from £22.91 to £33.51.


Australia & New Zealand


Occupancy rose from 68.5% to 73.2%, average room rate rose from £37.51 to £38.02, revpar rose from £25.69 to £27.83.


The New Zealand properties increased their revpar by 8.3%, with improvement on all 3 brands – Millennium, Copthorne & Kingsgate.


The group has a new chief executive from the end of the year, Tony Potter, to replace John Wilson, who retired in February. Mr Potter & Singapore-based Hong Leong Group chief financial officer Wong Hong Ren were initially named as interim joint chief executives. Mr Wong will return to his role of M&C executive director, with particular responsibility for finance & the asset portfolio, at the end of the year.


Also: CDL Investments boosts profit on lower section sales


CDL Hotels boosts profit 16%, outlook remains strong


Website: Millennium & Copthorne

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Millennium & Copthorne lifts performance

Millennium & Copthorne Hotels plc, a London-based subsidiary of the Hong Leong Group of Singapore of which CDL Hotels NZ Ltd is part, said it increased group turnover by just £1.5 million in the March quarter, to £126.6 million.


Group operating profit rose from £9.6 million to £13.9 million, but the 2003 figure included £2.6 million of pre-opening expenses for the Millennium Hilton Hotel in New York.


Underlying pretax profits before disposal of fixed assets went from a £1.4 million loss to a £5.1 million profit, but profit on the disposal of foxed assets was worth only £500,000 (£6.1 million in 2003), giving a pretax profit increase from £4.7 million to £5.6 million.


M&C said revpar (revenue/available room) was better in all regions, rising 3.7% overall. Group occupancy rose from 64.9% to 68.5%.

Group chairman Kwek Leng Beng said the result confirmed M&C’s recovery was on track. “Group revpar for the 4 weeks to 28 April was up 24.4%, albeit against easier comparatives in 2003.”

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