Millennium & Copthorne Hotels’ 9M earnings fall marginally to GBP 59 mil

SINGAPORE (Nov 2): Millennium & Copthorne Hotels has posted earnings of GBP 59 million ($100 million) for 9MFY16, compared with earnings of GBP60 mil for 9MFY15.

Revenue over the same period rose by GBP 50 million to GBP 665 million, on the back of higher land sales and REIT revenue, and exchange gains. The increase was mitigated by lower hotel revenue.

M&C said that the depreciation of the pound after the Brexit vote had added GBP 43 million to its reported revenue and GBP 7 million to its pre-tax earnings during the 9-month period.

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