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Showing 1-9 of 9 published briefings.

Millennium & Copthorne Hotels New Zealand (MCK)FY25Released 24 February 2026

PBT fell 29.8% as property cycle offset record hotel revenue

Headline NPAT jumped 632% only because FY24 carried a one-off deferred tax charge; the cleaner PBT read shows clear operating deterioration.

Published 22 April 2026

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Millennium & Copthorne Hotels New Zealand (MCK)HY25Released 12 August 2025

MCK PBT fell 47% and the group swung from net cash to NZ$13.9m net debt

Headline NPAT improvement is a tax-base optical effect; the real story is a revenue decline, a residential development loss, and a sharp capex...

Published 22 April 2026

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Millennium & Copthorne Hotels New Zealand (MCK)FY24Released 24 February 2025

PBT fell 27% as property sales faded and capex 7x'd FCF negative

Hotels now dominate the revenue mix but a non-cash deferred tax charge cut NPAT to NZ$2.8m and free cash flow flipped to negative NZ$14.8m.

Published 22 April 2026

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Millennium & Copthorne Hotels New Zealand (MCK)HY24Released 7 August 2024

PBT jumped 88% but a NZ$31.7m tax charge pushed MCK to a NZ$11.7m loss

Operating performance and cash generation strengthened materially, yet a prior-year tax credit unwinding into a large current charge masks the...

Published 22 April 2026

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Millennium & Copthorne Hotels New Zealand (MCK)HY23Released 8 August 2023

PBT fell 64% as property sales evaporated, masking a hotels return to profit

Revenue mix swung hard toward hotels (79% of group), but lost Residential Land Development earnings drove the headline decline and turned free...

Published 21 April 2026

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Millennium & Copthorne Hotels New Zealand (MCK)HY22Released 10 August 2022

PBT fell 22.5% as land development carried a still-loss-making hotel book

Residential Land Development supplied essentially all of segment profit while cash halved and Hotel Operations stayed loss-making despite reopening.

Published 21 April 2026

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Millennium & Copthorne Hotels New Zealand (MCK)FY21Released 18 February 2022

PBT up 26.9% but NPAT fell 12.9% as tax rate doubled and OCF dropped 66%

Property-led profit lift and a move to net cash sit against sharply weaker cash conversion and a first-half-weighted earnings shape.

Published 21 April 2026

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Millennium & Copthorne Hotels New Zealand (MCK)HY21Released 2 August 2021

PBT up 57.5% but NPAT down 25.7% as tax line swings from benefit to 38.7%

CDL Investments property sales drove a cash-rich half while hotel operations remained depressed, masking the real operating read at the headline...

Published 21 April 2026

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Millennium & Copthorne Hotels New Zealand (MCK)FY20Released 17 February 2021

Hotel PBT collapsed 94% but residential land gains held NPAT down just 7.5%

A 31-point effective tax rate swing and a Residential Land Development result of $41.8m disguised a 40.4% PBT decline and a devastated hotel book.

Published 21 April 2026

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