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Millennium & Copthorne Hotels NZ H2 profit climbs 64.5% YOY

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Millennium & Copthorne Hotels NZ H2 profit climbs 64.5% YOY

Millennium & Copthorne Hotels New Zealand Ltd said its normalized net income for the second half came to 6 New Zealand cents per share, an increase of 95.6% from 3 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NZ$9.0 million, an increase of 64.5% from NZ$5.5 million in the prior-year period.

Total revenue grew 5.5% on an annual basis to NZ$66.6 million from NZ$63.1 million, and total operating expenses declined 13.6% on an annual basis to NZ$46.9 million from NZ$54.3 million.

Reported net income declined 59.7% from the prior-year period to NZ$9.7 million, or 6 cents per share, from NZ$24.0 million, or 13 cents per share.

For the year, the company's normalized net income totaled 12 cents per share, an increase from 4 cents per share in the prior year.

Normalized net income was NZ$18.3 million, an increase of 60.6% from NZ$11.4 million in the prior year.

Full-year total revenue increased year over year to NZ$136.5 million from NZ$130.1 million, and total operating expenses decreased 6.9% year over year to NZ$96.7 million from NZ$103.8 million.

The company said reported net income decreased 28.2% year over year to NZ$21.7 million, or 14 cents per share, in the full year, from NZ$30.2 million, or 10 cents per share.

As of Feb. 19, US$1 was equivalent to NZ$1.52.