City Developments Reports Strong Hotel Performance

City Developments (SG:C09) has released an update.

Millennium & Copthorne Hotels New Zealand has reported a year of positive progress, with a sharp increase in hotel profits by nearly 400% to $11.6m in 2023, driven by the return of international travel and strategic improvements in profitability. Despite a challenging residential property market, the company’s subsidiary CDL Investments recorded an operating profit. MCK’s total revenue for 2023 stood at $145.7 million with a consistent profit after tax of $21.6m, leading to a declared dividend of 3 cents per share.

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