Millennium&Copthorne Hotels New Zealand Ltd, New Zealand's largest hotel operator, has reported a net profit after tax of $12.4 million in the year to December 31, down from $17.8m in the same period last year.The company is paying a fully imputed div
Millennium&Copthorne Hotels New Zealand Ltd, New Zealand's largest hotel operator, has reported a net profit after tax of $12.4 million in the year to December 31, down from $17.8m in the same period last year.
The company is paying a fully imputed dividend of 1.2c a share on May 14.
"Although 2009 was one of the most difficult trading years we have seen in recent times, our balance sheet remains strong and during the year we took the opportunity to reduce our borrowings. In that context, the result is a creditable one," managing director B K Chiu said.
Revenue of $108m was down from $123.7m last year. The profit before tax of $18.9m was down from $26.6m last year.
The company owns, leases, manages and franchises a portfolio of 30 hotels across New Zealand worth $610.8m.
