Millennium & Copthorne Hotels targets annual profit as pandemic bites

Chair Colin Sim said the group's forward bookings were looking "solid". (Image: Millennium & Copthorne Hotels)

Wed, 10 Aug 2022

Millennium & Copthorne Hotels New Zealand (MCK) expects to deliver an annual profit on the strength of its property development arm as the covid-19 pandemic continues to weigh on its accommodation business. The company reported a net profit attributable to shareholders of $15.4 million in the six months to June 30, down from $31.3m in the prior which, when it booked a $15.9m gain on the land. MCK's NZ hotel operations posted a first-half pre-tax loss of $4m, compared to a profit of $640,000, with an occupancy rate of 38.3% com...

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