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Millennium & Copthorne returns to profit
Hotel group, Millennium & Copthorne, has gone back into profit with a £6.6m pre tax profit in the quarter to 30 September, compared to a £6.3m loss for the first half of the year.
Group turnover for the period was £134.6m and group operating profit £14.5m.
Occupancies across the group rose to 68.7 per cent, compared with 61 per cent in the first half, and a continued recovery saw RevPAR performance up 12.1 per cent.
A summary of hotel performance across the group shows high volumes and improved occupancies in New York City, with the Millennium Hilton continuing to do well.
In London, conditions remain "challenging", although a return of corporate business during September saw an improvement in performance. Operations remain resilient in regional UK properties but continue to be difficult in Germany.
Group hotels in Taipei and Hong Kong have seen a "dramatic” recovery and Singapore has made a good improvement, albeit more gradually. Performance at the Seoul hotel, however, saw a disappointing performance compared with a very strong 2002. Millennium’s Australasian portfolio is reported to be continuing to perform well.
Commenting on the results, chair, Mr Kwek Leng Beng, said that although the market remains challenging, "we believe the worst is over and that our industry is recovering, albeit at a gradual pace." Details: www.millenniumhotels.com