The performance in London was particularly affected by the partial closure of Millennium Hotel London Mayfair, which is normally a significant revenue contributor for the region, together with slower trading at the other London hotels.
SINGAPORE (May 4): Millennium & Copthorne Hotels (M&C Hotels) reported a doubling of 1Q18 earnings to £26 million ($47 million) from £13 million a year ago, due to higher profit contributions from associated companies as well as a one-off gain from disposal.
Revenue for the quarter fell 3.1% to £68.5 million from £70.7 million a year ago due to a foreign exchange loss of £13 million registered over the period, which led to 2.1% lower reported hotel revenue of £187 million compared to £191 million in 1Q17.
