Mandarin Oriental International Ltd Interim Management Statement (0682E)
03 May 2017 - 9:35PM
UK Regulatory
TIDMMDO TIDMJAR TIDMJDS
RNS Number : 0682E
Mandarin Oriental International Ltd
03 May 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
3rd May 2017 - Mandarin Oriental International Limited has today
issued its Interim Management Statement for the first quarter of
2017.
Earnings for the period under review were lower than in 2016,
primarily because of the partial closure of the London hotel for
renovation. The results across the rest of the portfolio were
largely stable with Hong Kong and Paris performing broadly in line
with last year, and both Munich and Washington D.C. showing
improvement. Going forward, the Group's results will continue to be
affected by the renovation in London, which is scheduled to
complete in the second quarter of 2018.
New management contracts for hotels in Honolulu and Dubai with
accompanying residences were announced recently. Honolulu is
expected to open in 2020, and the hotel in Dubai's commercial
district, which is the Group's second hotel project in the city, is
scheduled to open later that year.
At 31st March 2017, net debt was US$306 million, while gearing
as a percentage of adjusted shareholders' funds was 8%, in line
with that reported at the end of 2016.
Mandarin Oriental currently operates 29 hotels and eight
residences in 19 countries and territories. The Group has a strong
pipeline of hotels and residences under development, with the next
scheduled hotel opening in Doha. 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
END
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