Mandarin Oriental International Ltd Interim Management Statement (0372W)
November 09 2017 - 3:10AM
UK Regulatory
TIDMMDO TIDMJAR TIDMJDS
RNS Number : 0372W
Mandarin Oriental International Ltd
09 November 2017
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 November 2017 - Mandarin Oriental International Limited has
today issued an Interim Management Statement for the third quarter
of 2017.
The Group's results for the quarter were broadly in line with
the same period in 2016. While earnings were impacted by the
ongoing London renovation and some mixed results at individual
hotels, there was a general improvement in performance across the
majority of the Group's portfolio, including in Hong Kong.
The Group continues to review strategic options for The
Excelsior, Hong Kong, including the possible redevelopment of the
site into a commercial building. This follows the announcement in
late September that the exercise to test market interest in a
potential sale had concluded without any acceptable offers being
received.
During the period, the Group added two hotels to its portfolio.
It took over the management of Hotel Santiago in Chile, and the
Pink Sands Club, located on Canouan Island in St. Vincent and The
Grenadines. Both properties are expected to be rebranded as
Mandarin Oriental hotels during 2018. The renovation of the London
property is scheduled to complete in the second quarter of
2018.
At 30th September 2017, net debt and gearing were unchanged from
that reported at the half year.
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
Hamish Ross (852) 2895 9288
Sally de Souza (852) 2895 9167
Brunswick Group Limited
Joanna Donne (852) 3512 5070
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
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