Millennium and Copthorne profit declines, plans $60 million capital raising for Chinese development

Fri, 14 Feb 2014

By Suze Metherell Feb. 14 (BusinessDesk) – Millennium & Copthorne Hotels New Zealand, which operates 22 hotels across the country, reported a 37 percent decline in 2013 profit, reflecting one-time earthquake related gains in the year earlier. Net profit fell to $32.2 million in the 12 months ended Dec. 31, from $50.7 million a year earlier, the Auckland-based company said in a statement. The hotelier gained a one-time insurance payment of $18.4 million in 2012 for its Copthorne Hotel destroyed by the Canterbury earthquake and $11.3 million in...

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