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- Release Date: 22/02/13 15:48
- Summary: FLLYR: MCK: MCK REPORTS ALL-TIME RECORD PROFIT FOR 2012
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MCK
22/02/2013 13:48
FLLYR
REL: 1348 HRS Millennium & Copthorne Hotels New Zealand Limited
FLLYR: MCK: MCK REPORTS ALL-TIME RECORD PROFIT FOR 2012
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND REPORTS ALL-TIME RECORD PROFIT
Millennium & Copthorne Hotels New Zealand Limited (NZX: MCK) today reported
its preliminary results for the year ended 31 December 2012 and announced a
profit after tax and non-controlling interests of $46.1 million (2011: $20.6
million) on total revenue of $105.2 million (2011: $99.5 million). The
result is the best in the Group's history.
"Exceptional contributions from our investment in China through First Sponsor
Capital Limited and from our residential property development company CDL
Investments New Zealand and one-off gains significantly boosted our profit
for 2012", said MCK's Managing Director Mr. B K Chiu.
MCK recorded a profit contribution of $10.1 million from its 34% associate
company First Sponsor Capital Limited (FSCL) which had recognised profits on
completion of the residential portions of its Cityspring Chengdu development
in China. The Group also received $9.3million from its 67% subsidiary CDL
Investments New Zealand Limited which also posted an increased profit for
2012.
Reflecting the profit result, the Company will pay a total dividend of 2.4
cents per share fully imputed which comprises an ordinary dividend of 1.2
cents per share and a special dividend of 1.2 cents per share (2011: ordinary
dividend of 1.2 cents per share, no special dividend). The dividend will be
paid to shareholders on 10 May 2013. The record date will be 3 May 2013.
Looking at the year ahead, Mr. Chiu noted that there was still work to be
done and the focus would be on the core hotel operations business.
"With the fast-changing hotel environment, we need to adapt and innovate in
order to meet new market trends quickly and effectively. The same applies to
CDL Investments as we match the pace of our development to meet our
customers' demands", he said.
Summary of results:
--Profit after tax and non-controlling interests: $46.1 million (2011: $20.6
m)
--Profit before tax and non-controlling interests: $59.6 million ((2011:
$33.5 m)
--Total group revenue: $105.2 million (2011: $99.5 m)
--Shareholders' funds excluding non-controlling interests: $443.3. million
(2011: $419.1 m)
--Total assets: $686.1 million (2011: $660.3 m)
ENDS
Issued by Millennium & Copthorne Hotels New Zealand Limited
Enquiries to:
B K Chiu
Managing Director
(09) 353 5058
End CA:00233346 For:MCK Type:FLLYR Time:2013-02-22 13:48:21
