(Reuters) - Millennium & Copthorne Hotels (LON:MLC) Plc said that it was reviewing its capital expenditure plans as recent terrorist activities and Britain's vote to leave the European Union had intensified uncertainty in the direction of the global economy.
Operating profit fell by 21.7 percent to 47 million pounds in the six months ended June 30, M&C said, adding that it was "disappointed" by its performance, particularly in its key markets of New York and Singapore.
The operator of the Millennium, Grand Millennium, Copthorne and Kingsgate hotels said six-month revenue per available room, a key industry measure, fell 4.2 percent to 67.91 pounds in constant currency.
"Against a backdrop of economic uncertainty, we are adopting a prudent strategy ... including a review of capital expenditure, whilst taking appropriate steps to strengthen areas of operating weakness," Chairman Kwek Leng Beng said in a statement.