Millennium and Copthorne Q3: not worsening as fast

graeme at 9:16 a.m. Thu 05 Nov 2009

The most encouraging comment in Millennium and Copthorne’s statement on the its third quarter performance is that the rate of decline has slowed. Revpar at CER is down 17.7 in the quarter, compared to a 21.3% decline in the second quarter.

The problem is that this is still a steep rate of decline, that is reflected at all levels with adjusted pre-tax profit down 26%, and the fall in EPS reduced to 13% only because of lower tax in the quarter.

With an adjusted EPS for the first nine months of just 13.7p, and a current price of 347p, Mllennium and Copthorne does not look cheap unless you are convinced in both a strong recovery and that it has long term growth potential.

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