M&C full-year profit up 54% on S'pore condo sales

HOTEL chain operator Millennium & Copthorne's full-year pretax profit jumped 54 per cent 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 that pretax profit rose to £263.6 million (S$500.3 million) in the year ended Dec 31 from £171.3 million a year earlier.

Revenue rose 35 per cent to £1.04 billion.