6 Aug 2010

After-tax loss reported by hotel group

3:34 pm on 6 August 2010

Millennium and Copthorne Hotels has reported an after-tax loss of $20 million for the six months to June.

Revenues for New Zealand's largest hotel owner and operator increased by 12% to $61 million, compared to the same half the previous year.

Operating project increased by 13% to $34 million, but a joint venture in China made a loss and tax changes announced in the 2010 Budget mean it posted an overall loss.

The group had a hotel occupancy rate of 68%.