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Millennium & Copthorne Hotels NZ H1 profit climbs 57.0% YOY

Millennium & Copthorne Hotels New Zealand Ltd said its first-half normalized net income amounted to 6 New Zealand cents per share, an increase from 1 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was NZ$9.3 million, an increase of 57.0% from NZ$5.9 million in the prior-year period.

Total revenue rose on an annual basis to NZ$70.0 million from NZ$66.9 million, and total operating expenses came to NZ$49.8 million, compared with NZ$49.5 million in the prior-year period.

Reported net income rose 93.3% on an annual basis to NZ$12.0 million, or 8 cents per share, from NZ$6.2 million, or 1 cents per share.

As of July 30, US$1 was equivalent to NZ$1.52.