Mandarin Oriental International Ltd Interim Management Statement (3942Y)
May 08 2019 - 6:36AM
UK Regulatory
TIDMMDO TIDMJAR TIDMJDS
RNS Number : 3942Y
Mandarin Oriental International Ltd
08 May 2019
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
8th May 2019 - Mandarin Oriental International Limited has today
issued its Interim Management Statement for the first quarter of
2019.
Underlying profit for the quarter was higher than the same
period in 2018. This was primarily due to better results at
Mandarin Oriental Hyde Park, London, which continued to include
insurance coverage for loss of profits while the guestrooms
remained closed for repair. In the same period last year, the hotel
was partially closed for renovation. The hotel fully re-opened on
15th April 2019. The Excelsior, Hong Kong also performed well.
There were weaker performances at the Paris and Washington D.C.
hotels due to softer market conditions. Results were also impacted
by the partial closure in March of the Bangkok hotel for a
renovation which is expected to be largely complete by October
2019.
The Excelsior, Hong Kong closed at the end of March 2019 and
demolition work has now commenced ahead of the planned construction
of a mixed-use commercial building. The closure will substantially
reduce the Group's underlying profit in 2019. In the period, the
Group recognised a further US$30 million of non-trading costs,
primarily the balance of accelerated asset write-downs relating to
the closure. The Group also recognised a US$2.9 billion one-time
revaluation gain through reserves, required by accounting standards
following the reclassification of the asset as an investment
property.
Net debt at 31st March 2019 was US$304 million, while gearing as
a percentage of adjusted shareholders' funds was 5%.
Mandarin Oriental currently operates 32 hotels and six
residences in 23 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DOCFVLFBKEFXBBL
(END) Dow Jones Newswires
May 08, 2019 07:36 ET (11:36 GMT)
Mandarin Oriental Intern... (LSE:MDOB)
Historical Stock Chart
From Apr 2024 to May 2024
Mandarin Oriental Intern... (LSE:MDOB)
Historical Stock Chart
From May 2023 to May 2024