The boss of Millennium & Copthorne Hotels has voiced caution about future trading despite a rise in profits.

Third quarter pre-tax profits rose by 66% to £69.3 million over the same period last year.

This was based on revenue up by 30% to £242.4 million and revenue per available room rose by 9.4% to £69.41.

The increase in revenue was boosted by the sale of development land in Kuala Lumpur for £44.2 million.

Chairman Kwek Leng Beng said: “Whilst trading in the current period is positive, we are noticing more caution amongst business customers, especially in the US and Europe.

“This reflects primarily the continuing anxieties with regard to events in the eurozone.

“Business spending is becoming cautious and this has reduced forward visibility on earnings. Such economic uncertainty strengthens the case for our maintaining a strong balance sheet.

“We will be watching the Asia region closely as well, with the continuing toll of natural disasters affecting it.

“The Bangkok floods is the latest such event and could have a damaging impact on certain business sectors, as well as tourism.”