MILLENNIUM & Copthorne Hotels has reported an 11% dip in pre-tax profit from £193.3 million to £171.3m.
The company, which includes the Millennium in Glasgow and the Copthorne in Aberdeen in its portfolio, saw total revenue slide from £820.5m to £768.3m in 2012.
On a like-for-like constant currency basis revenue was up 1.1% from £753.8m to £762m. Revenue per available room rose from £64.81 to £67.32 thanks to higher average rates, particularly in London, Singapore and at other outlets in Asia.
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Analysts from Credit Suisse said the results "reflect negative short term refurbishment impacts that we expect to continue through 2013, curtailing earnings per share growth but offering long term upgrade potential".