Millenium’s profit soars, CEO quits

7th Aug 2007

Millennium & Copthorne has posted a 44-percent rise in second-quarter profits. The luxury hotel group has also started looking for a new CEO after Peter Papadimitropoulos left the job after less than six months in the role. The upscale hotel brand said Papadimitropoulos’ departure is with immediate effect and “by mutual consent.” Wong Hong Ren, an executive director, will act as interim group CEO.

Pretax profit rose from 35.4 million pounds from 24.6 million pounds for the three months to June 30. The outlook for the year also remains positive and in line with its expectations.

“Overall, the half-year results were strong, particularly in London, New York and Singapore, where we have experienced buoyant market conditions,” Chairman Kwek Leng Beng said in a statement. “The outlook for the year as a whole remains positive and our expectations are unchanged.”



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