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Takeover target Millennium & Copthor Hotels reported a 29% fall in first-half profit after refurbishment work on hotels in London and Singapore hurt revenue.
Pre-tax profit for the six months through June fell to £46m, down from £65m on-year.
Revenue fell 1.0% to £472m.
Millennium & Copthor Hotels in June agreed to a £776m takeover bid from Singapore-listed City Developments.