Millennium & Copthorne, the hotel group, suffered an 8% fall in first-half pretax profit in spite of room rate increases in New York and Asia.
Pre-tax profit in the six months to 30 June fell 7.7% from £39.1m to £36.1m. The group said the decline reflected a one-off £12.8m insurance receipt in the first half of 2005. Gross profit rose to £172.7m (£155.6m).
References: Financial Times 05/08/06 page 14, Daily Telegraph 05/08/06 page 29, The Times Business 05/08/06 page 46
