Company Briefs: Millennium & Copthorne Hotels

Millennium & Copthorne Hotels

Millennium & Copthorne Hotels has posted a fourth-quarter net profit of £19 million (S$34 million), up 280 per cent from £5 million in the same period a year earlier.

Revenue for the three months to Dec 31 was £261 million, up 12.5 per cent and driven mainly by higher hotel revenue. Net profit for the full year was £78 million, up from £65 million in 2015. Fourth-quarter earnings per share was 5.8 pence per share, from 1.4 pence per share a year ago.

Full-year earnings per share was 24 pence, from 19.9 pence per share in 2015.

A final dividend of 5.66 pence per share has been proposed, giving total dividend for the year of 7.74 pence per share.

Parkway Life Reit

Parkway Life Reit has acquired four nursing homes and one group nursing home catering specifically to elderly dementia residents in Japan for 4.8 billion yen (S$60 million).

The acquisitions from Marubeni Corporation, UBI Kabushiki Kaisha and UBI Capital Kabushiki Kaisha will be completed this quarter.

The properties, which will be acquired at a 9.1 per cent discount to valuation, are expected to generate a net property yield of 6.9 per cent.

This acquisition will be partially funded by proceeds from the divestment completed on Dec 22 last year and partially via long-term Japanese yen-denominated debts.

Upon completion of the acquisition of the properties, the Reit would have successfully implemented its second asset-recycling initiative.

United Industrial Corporation

Developer United Industrial Corporation has posted a full-year net profit of $286 million, up 10 per cent from a year earlier.

This came on the back of a 6 per cent rise in net profit from operations compared with 2015, as well as a higher fair value gain from investment properties.

Revenue in the 12 months to Dec 31 was $1.04 billion, up 28 per cent, owing to higher revenue recognition from residential property sales.

Earnings per share, including fair value gain on investment properties, was 20.2 cents for the full year, up from 18.6 cents in 2015.

Net asset value per share was $4.39 as at Dec 31, up from $4.24 a year ago.

A first and final dividend of three cents a share has been proposed, the same as a year ago.

A version of this article appeared in the print edition of The Straits Times on February 18, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe