Millennium's half-year profits up 14.1pc

Millennium & Copthorne Hotels has reported a 14.1 per cent lift in half-year after tax operating profit, saying New Zealand hotel results were satisfactory but revenue was affected by a lack of Sydney apartment sales. The $12.96 million operating profit after tax for the six months to June 30 compared with $11.35 million for the corresponding period in 2006. Revenue from ordinary activities was down 10 per cent to $88.32 million.

Its $25.51 million operating profit before tax, compared to $22 million a year earlier.