Tough trading conditions drive Q2 net profit 18% lower at Millennium & Copthorne
Hotels group Millennium & Copthorne Hotels said its second quarter net profit fell by 18 per cent to £33.1 million (S$63.7 million).
This was despite revenue edging up 0.8 per cent to £199.9 million for the three months to June 30.
Despite better trading performance in London and New York, the group faced challenging trading conditions in Singapore and Seoul.
For the first half year, net profit slumped by 21 per cent to £46.1 million while revenue eased by 1.3 per cent to £369.1 million.