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Millennium & Copthorne Hotels Q4 Profit Rises

17.02.17 09:04

LONDON (dpa-AFX) - Millennium & Copthorne Hotels Plc.

(MLC.L) reported that its profit attributable to equity holders of the parent for the fourth-quarter rose to 19 million pounds or 5.8 pence per share from 5 million pounds or 1.4 pence per share in the prior year.

Profit before tax declined to 6 million pounds from 11 million pounds last year.

Profit before tax excluding impairment loss and revaluation gain decreased by 14.8% to 46 million pounds from last year's 54 million pounds, principally lower hotel profit and higher central costs.

Revenue for the fourth quarter increased by 12.5% to 261 million pounds from 232 million pounds last year.

For the fourth quarter of 2016, RevPAR in constant currency fell marginally.

The Board recommends a final ordinary dividend of 5.66 pence per share, giving a total ordinary dividend for the year of 7.74 pence per share.

Subject to approval by shareholders at the Annual General Meeting to be held on 5 May 2017, the final dividend will be paid on 12 May 2017 to shareholders on the register on 17 March 2017.

Nicholas George, together with (as previously announced) Alexander Waugh, intends not to stand for re-election at the Company's Annual General Meeting on 5 May 2017 and will retire from the Board at that time.

Howard Wu has been appointed as an Independent Non-Executive Director with effect from today, 17 February 2017.

Whilst the search for a permanent Group Chief Executive Officer continues, after consideration by the Nominations Committee and Board, Mr Tan Kian Seng, who joined the Group as Group Chief of Staff and interim President of Asia in October 2016, will assume the position of Interim Group Chief Executive Officer of the Company on 1 March 2017 following Aloysius Lee's retirement at the end of February.

Copyright RTT News/dpa-AFX



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