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Millennium & Copthorne Hotels impacted by ongoing refurbishment

“The group is prioritising the refurbishment of our key gateway city properties to reposition our hotels, whilst seeking to minimise the short-term negative impact on our trading results.”

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Profit was down 57% compared to the first quarter of last year.

Millennium & Copthorne Hotels Plc (LON:MLC) financial results revealed the ongoing impacts of refurbishment work in key properties.

The Mayfair London and The Orchard Hotel in Singapore have undergone refurbishment.

In the first quarter of 2019 revenue amounted to £215mln versus £217mln in the comparative period of the prior year. On a constant currency basis, meanwhile, quarterly revenue reduced by 4%.

RevPAR (revenue per available room) for the first quarter of 2019 was reported at £70mln, up 2.2% compared to the prior year while on a constant currency basis it reduced by 0.9%.

Profit before tax came in at £11mln, down 57% from £26mln.

"Despite the uncertainties and challenges in the global economy, we remain focused on making the best use of our hospitality assets,” said chairman Kwek Leng Beng.

“The group is prioritising the refurbishment of our key gateway city properties to reposition our hotels, whilst seeking to minimise the short-term negative impact on our trading results.”

He added: “Operationally, we must successfully manage the refurbishment process and re-focus our sales efforts so as to improve yields. 

“To that end, the affiliation agreement with Hilton for the Millennium Times Square New York will allow us to continue to manage one of our most significant hotels and help us to turn around the performance of the hotel more quickly."

Quick facts: Millennium & Copthorne Hotels plc

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TSX:MLC
Market: TSX
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