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- Release Date: 22/02/12 18:45
- Summary: GENERAL: MCK: MCK - FY2011 Media Release
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MCK
22/02/2012 16:45
GENERAL
REL: 1645 HRS Millennium & Copthorne Hotels New Zealand Limited
GENERAL: MCK: MCK - FY2011 Media Release
MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND REPORTS INCREASED 2011 PROFIT
Millennium & Copthorne Hotels New Zealand Limited (NZX: MCK) today reported
its preliminary results for the year ended 31 December 2011 and announced a
profit after tax and non-controlling interests of $20.6 million (2010: $10.1
million loss) on total revenue of $99.5 million (2010: $114.5 million).
"This result is very creditable given such an extraordinary year", said MCK's
Managing Director Mr. B K Chiu. "The Canterbury Earthquakes obviously had a
negative effect on revenue which will continue for some time but this was
offset in part in the main centres during the 2011 Rugby World Cup. CDL
Investments increased its profits by 30% and First Sponsor Capital Limited,
which holds our investment in China, was profitable", he said.
Mr. Chiu also noted that the Company's profit before income tax also
increased significantly from $14.6 million in 2010 to $33.5 million in 2011.
"While this does reflect some one-off gains during the year, this is also a
reflection of increased productivity", he said.
MCK recorded a profit contribution of $4.6 million from its 34% associate
company First Sponsor Capital Limited (FSCL) and also stated that FSCL would
be recognising profits from its Cityspring Chengdu development in China in
the course of the first half of this year.
The Company also declared a dividend of 1.2 cents per share, payable on 11
May 2012.
Noting that 2012 would likely be another challenging year, albeit for
different reasons, Mr. Chiu said that the Company was cautiously optimistic
about the year ahead.
"The number of international visitors, particularly from Europe and North
America continues to be weaker than previous years, but on the positive side
there is increased demand and interest from Asia and we are concentrating our
attention on securing that business. Overall, we are cautiously optimistic
as we do expect all of our business units to be profitable in 2012", he said.
Summary of results:
--Profit after tax and non-controlling interests $20.6 million (2010: $10.1 m
loss)
--Profit before tax and non-controlling interests $33.5 million (2010: $14.6
m)
--Total group revenue $99.5 million (2010: $114.5 m)
--Shareholders' funds excluding non-controlling interests $419.1 million
(2010: $412.6 m)
--Total assets $660.3 million (2010: $630.8 m)
ENDS
Issued by Millennium & Copthorne Hotels New Zealand Limited
Enquiries to:
B K Chiu
Managing Director
(09) 913 8058
End CA:00219872 For:MCK Type:GENERAL Time:2012-02-22 16:45:38
