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First-quarter net profit falls 46.7% for M&C Hotels on strong pound

Published on May 2, 2014 9:59 AM
The Grand Millennium Hotel Sulaimani, the third in Iraq, is managed by Millennium & Copthorne. -- FILE PHOTO: MILLENNIUM & COPTHORNE HOTELS

SINGAPORE - Hotel group Millennium & Copthorne (M&C) Hotels has posted a 46.7 per cent drop in first-quarter net profit over a year ago to 6.5 million pounds (S$13.8 million), partly due to unfavourable exchange rate movements as the pound appreciated.

The group, which is the hotel arm of Singapore-listed property developer City Developments, saw its revenue dip 0.3 per cent to 175.3 million pounds in the first three months of the year.

Operating profit fell 8.6 per cent to 22.2 million pounds.

"Steady hotel trading and higher property sales (were) counterbalanced by adverse foreign exchange movements," said M&C in a statement on Friday.

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