MCK Faces One-Off Tax Adjustment Impact

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

Millennium & Copthorne Hotels New Zealand Limited (MCK) will recognize a one-off, non-cash deferred tax liability adjustment of approximately $26 million due to recent tax legislation changes. This adjustment, related to the removal of tax depreciation on commercial buildings, will not affect the company’s cash flow or trading profitability. MCK, which owns a portfolio of hotels and properties, is set to release its interim financial results for 2024 in the coming August.

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