Feb 21 Hotel chain operator Millennium &
Copthorne's full-year pretax profit jumped 54 percent
due to accrued one-time revenue from condominium sales by its
The hotel chain operator, which recently acquired Novotel
New York and the Chelsea Hotel in London, said pretax profit
rose to 263.6 million pounds ($439.14 million) in the year ended
Dec. 31 from 171.3 million pounds a year earlier.
Revenue rose 35 percent to 1.04 billion pounds.
The company had said in December that the sale of 147
condominiums by its subsidiary Glyndebourne Development in
Singapore brought in revenue of 274 million pounds, and it
expected pretax profit to rise by 130 million-140 million
The sale contributed 139.3 million pounds to pretax profit,
the company said on Friday.
Millennium & Copthorne, which operates over 110 hotels under
brands such as Millennium, Grand Millennium, Copthorne and
Kingsgate - said revenue per available room (RevPAR) rose 3.4
percent to 69.58 pounds due to overall improvement in room rates
in the United States.
M&C, whose three main gateway cities are Singapore, London
and New York, said group RevPAR increased 5.3 percent in the
first six weeks of 2014 on a reported currency basis, with
RevPAR up 5.8 percent in New York.
The company also proposed a final dividend of 11.51 pence
per share and a special dividend of 9.15 pence.
Shares in the company, majority-owned by Kwek Leng Beng's
Singapore-based property company City Developments Ltd
, closed at 571.5 pence on Thursday.