MILLENNIUM and Copthorne’s pre-tax profits more than
halved in 2001 compared to the previous year after the terrorist attacks on the
US which caused it to close its key New York property.
Pre-tax profits for the hotel group were down from £129.1
million in 2000 to £55 million in 2001 reflecting the economic downturn and fall
in demand for air travel.
Group turnover was £594.6 million compared to £690.9
million, occupancy was down from 69.9% to 65.1% and the yield per available
room fell from £49.78 in 2000 to £46.47 last year.
Chairman Kwek Leng Beng said: “Our results for the
year reflect weakened market conditions which sharply deteriorated following
September 11 and affected what is traditionally our most profitable trading
period.”
The Millennium Hotel New York
is still closed after being damaged by flying debris and dust from the collapse
of the World Trade Centre.