SINGAPORE - Millennium & Copthorne Hotels(M&C) (M&C), the London-listed hotel arm of Singapore's City Developments, reported dismal fourth-quarter earnings due to impairment losses, though these were partially offset by revaluation gains.
Net profit for the three months ended Dec 31 plunged 88.6 per cent to £5 million (S$10.1 million), compared with £44 million a year earlier.
Revenue inched up 1.3 per cent to £232 million. Earnings per share tumbled to 1.4 pence from 13.7 pence.
"In 2015, global hospitality markets were impacted by falling commodity prices, mounting concern with regard to terrorism, health advisory travel alerts and uncertainty regarding growth of the Chinese market," said M&C chairman Kwek Leng Beng.
"These external factors, which negatively affected the year's performance, are expected to continue in the current year."