Millennium & Copthorne Hotels plc increased June half group operating profit 131% to Â£35.8 million on turnover up 8% to Â£262.7 million.
The 2003 result included Â£7 million pre-opening expenses for the Millenium Hilton Hotel, New York.
Pretax, the London-based parent of New Zealand’s CDL Hotels group turned round from a Â£6.3 million loss to a Â£20.6 million profit.
Earnings/share improved from 2.2p to 4.6p.
Group occupancies increased from 61.1% to 69.5%, with growth in all regions. Average room rate slipped from Â£60.74 to Â£59.68. Group revpar (revenue/available room) rose 12%, from Â£37.11 to Â£41.48, led by significant improvements in New York, London & Asia. Gross operating profit margin rose from 29.4% to 32.4%.
On a same-store basis, excluding the Millenium Hilton in New York and at a constant exchange rate, occupancy rose from 60.9% to 69.1%, room rate rose 0.6% to Â£57.66, revpar 14% to Â£39.84.
Among regional results (the full release gives details regionally across the US, also Europe), same-store Asian occupamcy rose from 48% to 71.4%, average room rate fell from Â£47.73 to Â£46.93, revpar rose from Â£22.91 to Â£33.51.
Australia & New Zealand
Occupancy rose from 68.5% to 73.2%, average room rate rose from Â£37.51 to Â£38.02, revpar rose from Â£25.69 to Â£27.83.
The New Zealand properties increased their revpar by 8.3%, with improvement on all 3 brands – Millennium, Copthorne & Kingsgate.
The group has a new chief executive from the end of the year, Tony Potter, to replace John Wilson, who retired in February. Mr Potter & Singapore-based Hong Leong Group chief financial officer Wong Hong Ren were initially named as interim joint chief executives. Mr Wong will return to his role of M&C executive director, with particular responsibility for finance & the asset portfolio, at the end of the year.
Also:CDL Investments boosts profit on lower section sales
Website: Millennium & Copthorne