StockMarketWire.com - Millennium Copthorne reveals that headline profit before tax for the year increased by 43.7% to £184.7m (2010: £128.5m) and headline operating profit increased by 38.7% to £199.8m (2010: £144.1m).
Both these measures of profit performance were buoyed by the £34.0m profit from sale of land in Kuala Lumpur.
Commenting today Mr Kwek Leng Beng, Chairman said:"The Group performed well in 2011, with a robust performance from hotel operations and gains from asset management activities.
"The Board is recommending a dividend of 14.42p per share comprising a final dividend of 10.42p (2010: 7.92p) per share plus a special dividend of 4.0p per share.
"Together with the interim dividend of 2.08p per share (2010: 2.08p), the total dividend of 16.5p per share represents an increase of 65.0% over last year's total of 10.0p. The dividend reflects both growth in profit after tax and the Group's future investment needs.
"In 2012, the Group will deploy its balance sheet to continue its investment programme in key gateway cities, enhancing both our brands and the yield on our assets. One of the year's highlights was the Group's success in seizing a rare opportunity to secure prime-location land in Ginza, Tokyo."
At 9:11am: (LON:MLC) Millennium & Copthorne Hotels share price was +8.65p at 496.65p
Story provided by StockMarketWire.com
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