Aug 2 Millennium & Copthorne Hotels Plc's
headline profit rose 31 percent in the first half,
helped by stronger growth in Asia, but the hotelier said it was
seeing a slowdown in some hospitality markets as a result of the
The group, majority-owned by Chairman Kwek Leng Beng's
Singapore-based property company City Developments Ltd
, said headline pretax profit rose to 78.3 million
pounds ($122.06 million) from 59.8 million pounds profit a year
Revenue rose 1 percent to 373.9 million pounds.
Revenue per available room (RevPAR), a key industry measure,
rose 5.2 percent on a constant currency basis, driven by higher
Asia RevPAR rose 14.2 percent. About a fifth of the
company's hotels are in Asia, according to its latest annual
However, the second half did not get off to a strong start.
On a like-for-like basis, group RevPAR fell 4.2 percent for the
first 24 days of July, M&C said.
London RevPAR dropped 12.5 percent in the period, in part
due to a slowdown in visitor numbers ahead of the Olympics.
"While trading has been in line with management
expectations, it is evident that some hospitality markets may be
softening as a result of the euro crisis and global economic
uncertainty," the chairman said in a statement.
M&C's shares, which have risen 18 percent so far this year,
closed at 481.3 pence on Wednesday on the London Stock Exchange.