London: Hotel chain operator Millennium & Copthorne’s full-year pretax profit jumped 54 percent due to accrued one-time revenue from condominium sales by its Singapore subsidiary.
The hotel chain operator, which recently acquired Novotel New York and the Chelsea Hotel in London, said pretax profit rose to £263.6m ($439.14m) in the year ended December 31 from £171.3m a year earlier. Revenue rose 35 percent to £1.04bn.
The company had said in December that the sale of 147 condominiums by its subsidiary Glyndebourne Development in Singapore brought in revenue of £274m, and it expected pretax profit to rise by £130m-140m.
The sale contributed £139.3 m to pretax profit, the company said yesterday.
Reuters
