CDL helps salvage Millennium & Copthorne's performance

Splendid isolation, the Grand Millennium Auckland. (Image: BusinessDesk)

Mon, 02 Aug 2021

CDL Investments boosted unaudited operating profits to $20.8 million for the first six months to June, from $13.7m for the comparable 2020 period.Revenue for the listed property firm, a subsidiary of Millennium & Copthorne Hotels (MCK), was $61.3m, up from $41m in 2020. This was on the strength of strong sales of residential sections across Auckland, Hamilton and Canterbury, alongside the sale of four apartments at its Zenith Residences in Sydney.MCK, which holds a 66% stake in the real estate development firm, posted an overall increase in...

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