10 November 2021, Virtual
London, UK - November 2021
London, UK - December 2021
5.7% growth in revPAR this year
Millennium and Copthorne Hotels (M&C) reported increased pre-tax profits of £88.4m for the first nine months of 2008.
The figure is a 7.4% increase on the figure of £82.3m for the same period in 2007.
The hotel group which has properties worldwide, said its hotel gross operating profit from January to September was up 9.1% to £191.7m.
Hotel revenue for the nine months also rose by 7.9% from £469.9m in 2007 to £507m this year while revenue per available room (revPAR) increased by 5.7%.
Figures for the third quarter from July to September showed an increase in pre-tax profits of 4.2% to £30m, hotel operating profit up 0.9% to £35.1m, hotel revenue up 8.6% and revPAR up by 4%.
Mr Kwek Leng Beng, M&C's chairman said: "The third quarter witnessed the onset of unprecedented financial turmoil in all major economies, requiring massive intervention and rescue of financial institutions by the governments of all major economies.
"Not withstanding these initiatives, the outlook for the world's economy currently remains uncertain.
"Since the last results release when we identified a slowing growth rate in Asia, we have been vigilant in controlling costs and have taken steps to react to changing market conditions.
"As a result, we managed to achieve both revenue and earnings growth during this turbulent quarter."
The group said that rates in London rose by 7.2% to an £101.51 per room but occupancy fell by 1% to 84.3%. RevPAR rose by 5.9% to £85.57.
Outside London, it said occupancy levels fell by an average 4.1% with the revPAR falling by 3.9% to £54.12.
In the rest of Europe, revPAR rose by 1.5% to £56.36 while occupancy fell by 1%.
But in France and Germany, revPAR increased by 10.5% to £59.91 driven by rises in both rates and occupancy which rose by 4% to 67.1%.