Millennium & Copthorne eyes acquisitions as profits rise

Millennium & Copthorne eyes acquisitions as profits rise

Millennium & Copthorne has reports a profit of £60 million for the second quarter of financial 2011, up from £31 million the previous year.

During the quarter ended June 30th, RevPAR saw a 6.3 per cent constant currency increase, largely due to an increase in room rates, with the positive results leading to suggestions of expansion.

“We further strengthened our financial position in the first half of the year and continue to seek out and analyse investment opportunities that will add value for shareholders,” said chairman Kwek Leng Beng.

Millennium & Copthorne last month bought a hotel construction site in the Ginza district of Tokyo, which it agues illustrates its capacity to “act quickly when we identify attractive strategic opportunities”.

Revenue for the three months was up by three per cent to £196 million.

However, the company was affected by the continued closure of three hotels in New Zealand following the earthquake in Christchurch in February.

“Trading in the current period to date is encouraging and in line with management expectations,” added Beng.