UK-based Millennium & Copthorne Hotels reported lower first quarter revenue and profit as the strength of the pound reduced its overseas earnings, but revenue was up at constant exchange rates as overall occupancy and room rates rose, helped by a recovery in its Asian hotels.
The hotel operator also said the growth in revenue per available room accelerated in the first four weeks of the second quarter, as it continued to see an improvement in its Asian hotels.
The reduced strength of the British pound lowers overseas earnings when they are translated back to sterling. Millennium & Copthorne's pretax profit fell to USD $33.9 million in the three months to end-March, from USD $40.2 million a year earlier, as revenue declined 0.3 percent to USD $296.2 million. RevPAR room fell 3.2 percent.
However, at constant currencies, revenue was up 5.9 percent and revenue per available room was up 2.5 percent, driven by the company's London and European hotel revenues.