Room occupancy hits profits at Millennium & Copthorne

  Luxury hotels group Millennium & Copthorne said second-quarter profit dropped by 35% after costs increased and room occupancy fell in Europe, the US and in particular in the UK.   Net income fell to £26.3m ($51m), or 8.8p a share, from £40.5m, or 13.7p, the previous year.   Revenue per available room lifted 4.9%, however.   The UK suffered particularly in terms of occupancy, falling to 82.6% in London, while nine out of 11 hotels in regional Britain saw occupancy levels fall.   Millennium chairman Kwek Leng Beng said: “Strong performance in Singapore, New York and London was offset by slower growth in regional UK and New Zealand and the impact of refurbishing hotels in Boston and Chicago.”   paul.norman@egi.co.uk