millennium and copthorne’s profits halved for 2001

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.