Millennium & Copthorne Hotels, which is 65% owned by City Developments, has reported a 40.9% decline in earnings to GBP 65 million ($131 million) for FY2015.
Group revenue rose 2.5% to GBP 847 million, with the maiden contributions from its newly acquired hotels, the opening of the Millennium Mitsui Garden Hotel Tokyo and foreign exchange gains.
Group revenue per available room (RevPAR) rose 0.6% to GBP 71.98. Excluding currency fluctuations, RevPAR would have fallen 1.3% on the back of the 9% decline in RevPAR in Singapore and the rest of Asia.
The group’s London and New York operations also recorded declines in RevPAR, due to the refurbishments at Millennium Bailey’s Hotel London, and ONE UN New York.
M&C Hotels also recorded a GBP 43 million net charge, which comprises the GBP 76 million of impairment losses for four of its properties, offset by the net revaluation gains of GBP33million on its investment properties.
The group says factors like falling commodity prices, terrorism concerns, health advisory travel alerts, and uncertainty over the growth in the Chinese market are expected to continue to affect the group’s performance moving forward. However, it is expected to continue to focus on ownership and management of hospitality real estate assets, and optimizing returns through refurbishment projects in 2016.
M&C has declared a final dividend of 4.34p per share for the current financial period.
CDL shares closed 0.14% higher at $7.14 on Friday.
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Group revenue rose 2.5% to GBP 847 million, with the maiden contributions from its newly acquired hotels, the opening of the Millennium Mitsui Garden Hotel Tokyo and foreign exchange gains.
Group revenue per available room (RevPAR) rose 0.6% to GBP 71.98. Excluding currency fluctuations, RevPAR would have fallen 1.3% on the back of the 9% decline in RevPAR in Singapore and the rest of Asia.
The group’s London and New York operations also recorded declines in RevPAR, due to the refurbishments at Millennium Bailey’s Hotel London, and ONE UN New York.
M&C Hotels also recorded a GBP 43 million net charge, which comprises the GBP 76 million of impairment losses for four of its properties, offset by the net revaluation gains of GBP33million on its investment properties.
The group says factors like falling commodity prices, terrorism concerns, health advisory travel alerts, and uncertainty over the growth in the Chinese market are expected to continue to affect the group’s performance moving forward. However, it is expected to continue to focus on ownership and management of hospitality real estate assets, and optimizing returns through refurbishment projects in 2016.
M&C has declared a final dividend of 4.34p per share for the current financial period.
CDL shares closed 0.14% higher at $7.14 on Friday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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