M&C's Q1 net profit falls on challenging hospitality markets

Singapore

MILLENNIUM & Copthorne Hotels plc (M&C) on Thursday posted a net profit of £6 million (S$11.8 million) for the first quarter of 2016, down from £8 million a year ago, on challenging conditions facing its major hospitality markets, prompting the group chairman to warn of an uncertain outlook.

The London-listed hotel arm of Singapore's City Developments generated £192 million in revenue during the quarter, up 1.6 per cent from £189 million a year ago. This was due mainly to higher contributions from property income, mostly related to a land sale in Christchurch, New Zealand and an increased contribution from Millennium Mitsui Garden Hotel Tokyo, as well as favourable foreign-exchange movements.