Millennium hotel operations back in black, property sales slow

Grand Millennium in Auckland. (Image: BusinessDesk)

Tue, 08 Aug 2023

Millennium & Copthorne Hotels New Zealand reported a return to profitability for its hotel operations in the first six months of 2023, although property sales at its CDL Investments developer came off the boil in the half. The hotel operator reported a net profit of $8.4 million in the six months ended June 30, down from $22.9m a year earlier when its hotel operations posted a loss, and its CDL property development unit enjoyed a spike in sales. Group revenue was down 28.2% at $60.1m. The hotel operations posted a pre-tax profit o...

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