Mandarin Oriental International Ltd Interim Management Statement (5265N)
May 09 2018 - 7:32AM
UK Regulatory
TIDMMDO TIDMJAR TIDMJDS
RNS Number : 5265N
Mandarin Oriental International Ltd
09 May 2018
To: Business Editor For immediate release
The following announcement was issued today to a Regulatory
Information Service approved by the Financial Conduct Authority in
the United Kingdom.
MANDARIN ORIENTAL INTERNATIONAL LIMITED
Interim Management Statement
9th May 2018 - Mandarin Oriental International Limited has today
issued its Interim Management Statement for the first quarter of
2018.
The majority of hotels in the Group's portfolio improved their
performance compared to the same period in 2017. In particular, the
two wholly-owned properties in Hong Kong performed better, as well
as the hotels in Singapore, Bangkok and Tokyo. Results in
Washington D.C. however, were notably lower than the equivalent
period last year when the Presidential Inauguration was held.
Overall earnings were held back by the closure of Hotel Ritz,
Madrid for restoration at the end of February as well as the
continued renovation of the London property, which is scheduled to
complete this June.
The Group has announced three new management contracts so far
this year. A beachfront resort in Viña del Mar in Chile and a
standalone branded Residences by Mandarin Oriental in Barcelona are
both expected to open in 2020. A resort and branded residences in
Muscat is expected to open in 2021.
At 31st March 2018, net debt was US$337 million, while gearing
as a percentage of adjusted shareholders' funds was 6%.
Mandarin Oriental currently operates 31 hotels and eight
residences in 21 countries and territories. Mandarin Oriental
International Limited is incorporated in Bermuda and has a standard
listing on the London Stock Exchange, with secondary listings in
Bermuda and Singapore. It is a member of the Jardine Matheson
Group.
- end -
For further information, please contact:
Mandarin Oriental Hotel Group International Limited
Alexander Li (852) 2895 9288
Sally de Souza (852) 2895 9167
Brunswick Group Limited
Karin Wong (852) 3512 5077
This and other Group announcements can be accessed through the
internet at 'www.mandarinoriental.com'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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