MCK - Millennium & Copthorne Hotels.

[LaserEyeKiwi]

MCK interim results for the 6 months ending June 30th should be released this week (last year it was released Aug 2nd).

Will be a bit of a transition 6 months, with the border reopening during the period to visa waiver countries, but not fully reopened to all (that happened yesterday on Aug 1st). And during the same period the MIQ system was essentially closed, with MCKs two MIQ Auckland hotels exiting that, and reopening for normal bookings. The period also covered the period when covid became widespread in NZ, and while most have acclimatized to “Covid -everywhere” by now and are back to regualr travel plans, that was a little different earlier this year.

(The bumper bookings for the Aussie school holidays in Queenstown Hotels will be in the next 6 months results)

MCK subsidiary CDL (MCK owns 67%) will still be chugging along as usual generating plenty of cash, so that will buttress the hotel operations transition period for the most part, and Zenith (the Sydney apartments being gradually sold down) will likely provide some cash depending on how many more units have been sold.

I’m not expecting an interim dividend (MCK historically paid dividends once a year) - but who knows, MCK has plenty of cash.

Big thing to pay attention to will be the outlook going forward.