By NZPA
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Thursday 8th August 2002 |
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CDL, which owns the Millennium, Copthorne and Quality hotel chains, saw a 33 percent rise in pre-tax profit to $13.88 million.
The company's New Zealand hotel operations contributed about 38 percent of operating profit, but 60 percent of total turnover. CDL's other New Zealand investments made up about 28 percent of operating profit.
However, a reduction in apartments for sale in CDL's residential accommodation business meant total revenue was down 6.2 percent at $93 million, compared with the same period last year.
Average occupancy in the New Zealand hotels rose 4.8 percent, and yield gain was up 9.5 percent on last year, despite the ongoing negative impact of September 11 on international travel, the company said in a statement.
The New Zealand group continued to benefit in terms of worldwide exposure from access to the global sales offices of British-based Millennium & Copthorne Hotels plc.
"The performance of the group in the first half of 2002 has exceeded our expectations with the New Zealand hotel operations showing very significant profit growth on the back of a strong ski season," the company said.
"Overall the board expects a sound financial result in the 2002 year."
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