Millennium & Copthorne Hotels NZ returns to profit

Millennium & Copthorne Hotels New Zealand has announced a return to profit for its hotel operations in the 2023 financial year.

The company recorded a profit after tax and non-controlling interests of $21.6 million.

This marked a significant improvement from the $4m loss reported in the previous year.

MCK chair, Colin Sim, attributed the profit growth to better trading conditions and a 17.5% year-on-year increase in occupancy.

However, Sim noted that the number of tourists was still below pre-Covid levels.

The company's highlights for the year included the acquisition of the Sofitel Brisbane Central Hotel, hosting the Spanish Women's National Football Team, and hotel room refurbishments.

MCK also renewed its bank facility and declared a fully imputed dividend of 3 cents per share.