Millennium and Copthorne Hotels income drops

as informed in Millennium & Copthorne Hotels PLC (MLC.LN) said Friday that income per obtainable room fell 3.1% in the premier quarter on currency headwinds. The hotel Inc. said income per obtainable room--a performance measure used in the hotel industry--in the quarter ended March 31 was 68.48 pounds ($93.02) compared by GBP70.66 in the premier quarter of 2017. The interchange loss was because of a stronger pound, Millennium & Copthorne said. Total income fell 2.7% to GBP217 million, When its pretax profit doubled to GBP26 million, partially on gains from the disposal of 2 Australian hotels as well as higher profit contributions from an associated company, Millennium & Copthorne said. The Inc. said it was influenced by the partial closure of its Millennium Hotel London Mayfair, that is usually a significant contributor to revenue, & by slower business at its other London hotels.

Millennium and Copthorne Hotels directors shock with revolt with minority shareholders

[LONDON] Millennium & Copthorne Hotels faced an Businessman revolt over the re-election of some board directors on Friday, next a shareholder rebellion versus a takeover bid earlier this year. A group of minority shareholders spurned the 620 pence-a-share offer his vehicle, City Developments Limited (CDL), had made to purchase their stock. The Businessmen rejected the bid, that valued M&C as a whole at £2 bn (S$3.62 billion), despite M&C's independent board directors recommending that shareholders accept the offer. The independent directors involve Shaukat Aziz, who is a previous prime minister of Pakistan, & Susan Farr. On Friday, 33.7 per cent of the minority shareholders voted versus the re-election of Mr Aziz & 32.5 per cent opposing the reappointment of Farr.

Millennium and Copthorne Hotels doubles Q1 profit

as declared in The gain from selling Australian assets helped Millennium & Copthorne Hotels (M&C) double profit before tax in the premier quarter in constant currency terms. Profit came in at £26 mn (S$47 million) for the 3 months to March 31, it announced yesterday. However, cost pressures still to influence profitability at its NY hotels, said M&C, the hotel arm of City Developments. Refurbishment plans for Millennium Hotel London Knightsbridge are under review. "London declined & Europe is showing indications of weakness, When our Millennium Broadway NY hotel continues to hold back overall trading performance in Fresh York," Mr Kwek said.

collected by :Frank Ithan