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Interim Management Statement

6 Nov 2013 09:10

RNS Number : 3286S
Mandarin Oriental International Ltd
06 November 2013
 



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

 

6th November 2013 - Mandarin Oriental International Limited has today issued its Interim Management Statement covering the period from 1st July to 5th November 2013.

 

The trading momentum continued to be positive for the Group during the period. Results from its Asian hotels remained steady, while in Europe earnings benefited from further stabilization of the Paris hotel. In The Americas, increased demand led to improved performance across the portfolio.

 

During the period, the Group announced two new management contracts. A 231-room hotel in the central business district of Chongqing is due to open in 2016, followed in 2017 by the opening of a 190-room hotel in Shenzhen. These projects will bring the total number of hotels under operation or development in mainland China to seven. In August, the Group ceased management of the Chiang Mai hotel, and the previously announced project in St. Kitts will no longer proceed. Within the next 18 months, four new hotels are scheduled to open, in Taipei, Bodrum, Marrakech and Beijing.

 

Mandarin Oriental's balance sheet remains strong, with net debt at 31st October 2013 largely unchanged from that reported at the half year.

 

Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the most luxurious hotels, resorts and residences. The Group has grown from a well-respected Asian hotel company into a global brand and now operates, or has under development, 45 hotels representing over 11,000 rooms in 26 countries, with 20 hotels in Asia, 11 in The Americas and 14 in Europe, Middle East and North Africa. In addition, the Group operates or has under development, 13 Residences at Mandarin Oriental connected to its properties. Mandarin Oriental International Limited is incorporated in Bermuda and has a premium 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

 

GolinHarris

Kennes Young (852) 2501 7987

 

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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