Hotelier Millennium & Copthorne (M&C) has announced that its headline pre-tax profit increased 44 percent last year, boosted by improved performance in key markets such as New York, London and Singapore as well as the sale of development land in Kuala Lumpur.
The London-based company's headline pre-tax profit jumped from £128.5 million (S$253.94 million) in 2010 to £184.7 million (S$366 million) last year.
Excluding the gain, pre-tax headline profit rose 17 percent to £150.7 million (S$297.81 million), while total revenue climbed 10 percent to £820.5 million (S$1.62 billion).
"We see signs that the US market is improving slowly. Europe is facing a difficult period, although we do not anticipate significant declines in trading," said Kwek Leng Beng, Chairman of M&C.
The company also said that its revenue per available room (RevPAR), a key industry measure, grew 5.5 percent on a like-for-like basis. Related Stories:
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