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Millennium & Copthorne Hotels' majority owned New Zealand subsidiary is trading in line with expectations, despite a fall in visitor numbers.
The New Zealand company, which is 70.2 per cent owned by Millennium & Copthorne, said many of its hotels were trading at or above anticipated levels, with recently refurbished hotels showing especially good trading results.
"While business is slowing down in some tourist locations, we believe we will maintain our market share due to our diversified network of Millennium, Copthorne and Kingsgate hotels in both the North and South islands," said B K Chiu, the company's managing director.
The New Zealand company's performance will be adversely affected by the dip in profits at its own majority owned subsidiary, the property developer CDL Investments New Zealand.
CDI shares were yesterday down 1 cent at 35 cents on the NZX, a low for over a year.
