Millennium & Copthorne Hotels NZ reports significant profit rise

Millennium & Copthorne Hotels New Zealand has reported a significant uplift in revenue and profit for the 2024 financial year.

Revenue for the year ended Dec 31, 2024, reached $176.2 million, up 21% from the previous year.

Operating profit increased by 32.1% to $42.5m, while profit before tax was up 25.6% to $47.1m.

However, the company reported a profit after tax of $2.8m, which was attributed to a one-off, non-cash deferred tax adjustment.

Excluding this, profit after tax would have been $27.2m.

The company's total assets were valued at $762.3m, with property assets assessed at a fair market value of $1.1b.

Millennium & Copthorne Hotels New Zealand's chairman, Colin Sim, said the results demonstrated the resilience of the business and the value of the Revive and Thrive strategy.

The company expects to benefit from the recovery of the tourism and property markets in the coming year.