City Developments’ Hotel Arm Posts Loss

City Developments (SG:C09) has released an update.

Millennium & Copthorne Hotels New Zealand Limited reported a significant shift from a profit of $8,381K in the first half of 2023 to a loss of $10,174K in the same period in 2024, despite an increase in revenue. The loss was attributed to a substantial income tax expense due to a change in building depreciation, overshadowing the increase in gross profit and operating profit. Basic and diluted earnings per share plummeted from 3.90 cents to a loss of 7.42 cents.

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