February 21, 2014 / 8:06 AM / 3 years ago

Hotel chain M&C's profit jumps on Singapore condo sales

2 Min Read

Feb 21 (Reuters) - Hotel chain operator Millennium & Copthorne's full-year pretax profit jumped 54 percent 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 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 pounds.

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.

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