MCK - Millennium & Copthorne Hotels.

[Rawz]

Interim Report

http://nzx-prod-s7fsd7f98s.s3-websit...901/378764.pdf

MCK as a group made an unaudited profit before tax and non-controlling interests of $32.05 millionfor the six month period ended 30 June 2022 (2021*: $47.55 million). The main contributors to theseresults were sales of residential sections from our majority-owned subsidiary CDL Investments NewZealand Limited which continues to trade strongly and the sale of three apartments at the ZenithResidences in Sydney settled during the first six months also contributed to this result.

MCK has therefore recorded a profit after income tax and non-controlling interests of $15.40 million(2021*: $31.34 million) on group revenue for the period of $83.66 million (2021: $98.36 million). Ourearnings per share for the period decreased to 9.74 cents per share (2021*: 24.47 cps) with the prioryear reflecting the impact of a one-off gain of $15.87 million (10.03 cents per share) on disposal fromthe sale of land in May 2021 (described as other income). MCK’s Net Tangible Assets per share as at30 June 2022 was $3.33 per share (2021*: $3.20 per share).

that doesnt read well

[BlackPeter]

that doesnt read well

What bit are you referring to?

[LaserEyeKiwi]

I dont think i have ever seen such a bonkers difference between the price of the shares & preference shares, which is entirely unwarranted given the company is not facing any liquidity or ongoing concerns.

MCK Share price: $1.91
MCKPA share price: $2.20

[LaserEyeKiwi]

Stamford plaza Hotel is Auckland was just sold for $170m. Just in case anyone was doubting the value of a hotel portfolio.

[thebusinessman]

Are you still buying, LEK?

[buy_high_sell_lo]

Too cheap not to add to your portfolio at these prices.

[LaserEyeKiwi]

Are you still buying, LEK?

Tempted - but at my self imposed max position size.

[Sideshow Bob]

https://www.stuff.co.nz/business/ind...6+October+2022

[Sideshow Bob]

https://www.nzx.com/announcements/406810

**MEDIA RELEASE**

MILLENNIUM & COPTHORNE HOTELS NEW ZEALAND RECORDS A PROFIT DESPITE “TOUGH” 2022

Millennium & Copthorne Hotels New Zealand Limited (NZX: MCK) announced its 2022 results earlier today having recorded a profit after tax and non-controlling interests of $21.7 million.

“2022 was another tough year for everyone in the tourism and accommodation sectors and our results reflected that. Unlike last year, there were no one-off gains or events to help our results so as in 2021, the contribution to our profit came from property development activities”, said MCK Chair Colin Sim.

He noted that while the New Zealand hotel operations recorded a loss for the year, that result was not a true reflection of the work done to address the multiple challenges that the company had to face over the past twelve months.

“Staffing remains our biggest challenge and we asked a lot of our people last year. We had to overcome tremendous challenges in 2022 especially during those times during our high season when parts of New Zealand were still very much under Covid restrictions. Many of those challenges are still here but we believe that we are over the worst of it and can work towards profit and revenue growth once more”, he said.

MCK declared a dividend for 2022 of 3 cents per share payable on 12 May.

“The Board felt that we should reward our shareholders for sticking with us especially in tough times and sharing our belief that better days are ahead”, said Mr. Sim.

MCK also signaled that it had started 2023 positively but like a lot of New Zealand it has been affected by recent weather events in Northland and Auckland. Its hotels had escaped serious physical damage but had received multiple cancellations which would affect its February revenues. Despite these unforeseen events, MCK said that it was looking forward to increased business from events such as the FIFA Women’s World Cup and an uptick in conferencing and the return of international visitors later in the year
“We’re seeing good demand in key market segments and we are looking to add as much business as we can sustain in our hotels which have the right facilities”, said MCK Managing Director Stuart Harrison. “With our refurbishment programme well underway, we are very excited to welcome guests to our new rooms at Millennium Hotel Queenstown and in the near future to our new rooms at Millennium Hotel Rotorua and Copthorne Hotel & Resort Bay of Islands. We are also working on our programmes for other hotels which we are planning to commence later this year”, he said.

Summary of results:

--Profit after tax and non-controlling interests $21.7 million
(2021: $40.0 million)
--Profit before tax and non-controlling interests $44.8 million (2021: $64.6 million)
--Group revenue $144.2 million (2021: $164.8 million)
--Shareholders’ funds excluding non-controlling interests $531.0 million (2021: $514.2 million)
--Total assets $709.2 million (2021: $680.8 million)
--Earnings per share (cents per share) 13.72 cents (2021: 25.31 cents *) * Amount includes one-off gain from sale of land

ENDS

[clearasmud]

Purchase Agreement for Sofitel Brisbane Central Hotel

Exciting announcement!