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Millennium & Copthor Q4 Pre-tax Profit Down, Cuts Dividend; Warns On FY19

Millennium & Copthorne Hotels plc (MLC.L) reported Friday that its fourth-quarter profit before tax plunged 75.9 percent to 7 million pounds from prior year's 29 million pounds.

On a per share basis, the company slipped to a loss of 1.7 pence from last year's profit of 9.8 pence.

Total revenue grew 2.7 percent to 267 million pounds from 260 million pounds last year. At constant currency rates, revenue grew 1.1 percent.

Hotel revenue increased 3.9 percent from last year to 231 million pounds. RevPAR improved 5.5 percent to 88.49 pounds.

Further, the company noted that for the first 28 days of January 2019, Group RevPAR in constant currency was up by 1.2%.

The Board recommended a final ordinary dividend of 2.15p per share, down from last year's 4.42p per share. This gives a total ordinary dividend for the year of 4.23p per share, down from 6.50p per share a year ago.

Looking ahead, Kwek Leng Beng, Chairman, said, "2019 will be another challenging year for the Group, with significant capital projects underway and several large hotels earmarked for major renovations. These investments will be carefully managed and phased to deliver the right returns to shareholders and underline the Group's intention to maintain strict control of costs throughout the business."

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