M&C Hotels first-quarter profit falls 15.5 pct

Thu May 1, 2014 7:17am BST



May 1 (Reuters) - Millennium & Copthorne Hotels Plc's first-quarter profit fell 15.5 percent, hurt by sluggish growth in Asia and the higher cost of refurbishing some of its key hotels.

Pretax profit fell to 20.1 million pounds ($33.94 million) in the quarter ended March 31 from 23.8 million pounds a year earlier.

Revenue at the company, which operates the Millennium, Grand Millennium, Copthorne and Kingsgate hotels, fell 0.3 percent to 175.3 million pounds. ($1 = 0.5922 British Pounds) (Reporting by Aastha Agnihotri in Bangalore; Editing by Robin Paxton)