Business Services Industry
British Hotel Chain Records Slowly Improving Profits.
Knight Ridder/Tribune Business News, November, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Nov. 6--Visitors are returning to Millennium & Copthorne Hotels, but investors are checking out after house broker Deutsche Bank turned cautious on the shares.
M&C chairman and Singapore billionaire Kwek Leng Beng gave the clearest indication yet that the industry is recovering, "albeit at a gradual pace."
Kwek, with 52 percent of M&C, said: "We believe the worst is over." The group has swung back into the black from UKpound 6.3 million first-half losses, despite the impact of Sars in Asia.
Third-quarter profits were UKpound 6.6 million, compared to UKpound 10.6 million for the same period last year.
Revenue per available room u a key industry measure u is still...
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