Less Ads, More Data, More Tools Register for FREE

Pin to quick picksMandarin In.sg Regulatory News (MDO)

  • This share is currently suspended. It was suspended at a price of 1.65
  • There is currently no data for MDO

Interim Management Statement

7 May 2014 12:33

RNS Number : 4757G
Mandarin Oriental International Ltd
07 May 2014
 

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

 

7th May 2014 ‒ Mandarin Oriental International Limited has today issued its Interim Management Statement covering the period from 1st January to 6th May 2014.

 

The trading performance across the Group during the period was broadly stable. In Asia, the results of the Hong Kong and Singapore hotels remained steady, while Bangkok continued to be affected by challenging conditions. Europe benefited from further stabilization of the Paris hotel and improvement in Geneva, which more than offset softer demand in London. In The Americas, while the majority of hotels increased their average rates, the overall performance was impacted by lower demand in Washington when compared to the same period last year, which included the 2013 Presidential Inauguration.

 

In March, the Group entered into an agreement with a local development partner to expand its wholly-owned hotel in Munich. A mixed-use complex is to be constructed on an adjacent site that will include a hotel element in which the Group will have a freehold interest. The Group's total projected investment in the complex, which is due to open in 2021, is estimated at €124 million (US$170 million) in today's terms, and will include a refurbishment of the existing hotel's rooms.

 

During the period, a new management contract was announced for a 121-room luxury resort located on Bali's southern peninsula, scheduled to open in 2017. The Group has ceased management of two unbranded hotels; the Grand Lapa hotel in Macau in January and the Elbow Beach hotel in Bermuda in March.

 

Two new hotels are scheduled to open within the next six months, in Taipei, Taiwan and in Bodrum, Turkey.

 

The Group's financial position remains healthy, with net debt remaining in line with that reported at 31st December 2013.

 

On 8th April 2014 shareholders approved the transfer of the Company's share listing on the Main Market of the London Stock Exchange to the standard segment from the premium segment. The transfer is expected to become effective on 27th May 2014.

 

Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the most luxurious hotels, resorts and residences. Having grown from a well-respected Asian hotel company into a global brand, the Group now operates, or has under development, 44 hotels representing close to 11,000 rooms in 25 countries, with 20 hotels in Asia, ten 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 its primary 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
 
END
 
 
IMSFDLFBZEFXBBL
Date   Source Headline
6th May 20093:17 pmRNSDoc re. non-routine AGM resolutions
6th May 20092:57 pmRNSResult of AGM
6th May 200912:14 pmRNSInterim Management Statement
29th Apr 200911:36 amRNSDividend
24th Apr 200911:38 amRNSDirector/PDMR Shareholding
23rd Apr 200911:12 amRNSDirector/PDMR Shareholding
20th Apr 200911:07 amRNSAnnual Information Update
9th Apr 200910:11 amRNSAnnual Financial Report
24th Mar 20098:54 amRNSAdditional Listing
19th Mar 20099:58 amRNSDirector/PDMR Shareholding
5th Mar 20099:05 amRNSFinal Results
9th Feb 20099:24 amRNSNotice of 2008 Final Results
20th Jan 20099:11 amRNSMO To Sell Its Equity Investment in Macau Hotel
2nd Jan 200910:26 amRNSDirector/PDMR Shareholding
29th Dec 200810:09 amRNSDirector/PDMR Shareholding
13th Nov 20089:09 amRNSInterim Management Statement
3rd Nov 20089:09 amRNSTotal Voting Rights
16th Oct 200811:26 amRNSIssue of Equity
15th Oct 200811:52 amRNSDividend
2nd Oct 200811:42 amRNSDividend
30th Sep 200811:51 amRNSTotal Voting Rights
29th Sep 200811:09 amRNSIssue of Equity
31st Jul 200810:05 amRNSInterim Results
4th Jul 200810:24 amRNSNotice of 2008 Half-Yearly Re
30th Jun 200810:22 amRNSTotal Voting Rights
19th Jun 200811:37 amRNSDirector Declaration
10th Jun 200810:22 amRNSIssue of Equity
4th Jun 200811:14 amRNSBermuda Takeover Code
3rd Jun 200811:26 amRNSDirector/PDMR Shareholding
29th May 200811:36 amRNSDirector/PDMR Shareholding
28th May 200811:16 amRNSDirector/PDMR Shareholding
27th May 200811:52 amRNSDirector/PDMR Shareholding
23rd May 200811:24 amRNSDirector/PDMR Shareholding
21st May 200812:40 pmRNSDirector/PDMR Shareholding
7th May 20083:26 pmRNSAGM Statement
7th May 20082:51 pmRNSResult of AGM
7th May 200812:31 pmRNSInterim Management Statement
2nd May 200810:23 amRNSAnnual Information Update
30th Apr 200810:21 amRNSDividend
11th Apr 200810:26 amRNSAnnual Report & Notice of AGM
9th Apr 200811:23 amRNSDirector/PDMR Shareholding
8th Apr 200811:49 amRNSDirector/PDMR Shareholding
2nd Apr 200811:29 amRNSDirector/PDMR Shareholding
1st Apr 200812:03 pmRNSDirector/PDMR Shareholding
18th Mar 200812:50 pmRNSDirector/PDMR Shareholding
18th Mar 200811:25 amRNSDirector/PDMR Shareholding
12th Mar 200811:18 amRNSDirector/PDMR Shareholding
10th Mar 200811:04 amRNSDirector/PDMR Shareholding
10th Mar 200811:04 amRNSDirector Declaration
7th Mar 200812:07 pmRNSDirector/PDMR Shareholding

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.