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
9th Jun 201511:40 amRNSDirector/PDMR Shareholding
29th May 201510:51 amRNSTotal Voting Rights
22nd May 20157:00 amRNSMandarin Oriental JV to Acquire Hotel Ritz, Madrid
14th May 20158:39 amRNSAdditional Listing
6th May 20152:09 pmRNSNon-Routine Resolutions submitted via NSM
6th May 20151:59 pmRNSResult of AGM
30th Apr 201511:33 amRNSTotal Voting Rights
29th Apr 201510:46 amRNSDividend
9th Apr 20151:24 pmRNSDirector/PDMR Shareholding
9th Apr 201510:30 amRNSAnnual Financial Report
8th Apr 201510:16 amRNSTotal Voting Rights
7th Apr 20155:01 pmRNSResults of 1 for 4 Rights Issue
7th Apr 201510:13 amRNSDirector/PDMR Shareholding
30th Mar 201510:32 amRNSDirector Declaration
25th Mar 20159:18 amRNSDirector/PDMR Shareholding
25th Mar 20159:16 amRNSBlocklisting Interim Review
20th Mar 20159:15 amRNSDirector/PDMR Shareholding
16th Mar 20158:29 amRNSAdmission to Trading
12th Mar 20159:42 amRNSPublication of Prospectus
5th Mar 201510:39 amRNSDirector Declaration
5th Mar 20159:20 amRNS1 FOR 4 RIGHTS ISSUE TO RAISE US$316 MILLION
5th Mar 20159:16 amRNS2014 Preliminary Announcement of Results
2nd Feb 20159:24 amRNSNotice of 2014 Final Results
31st Dec 20147:28 amRNSTotal Voting Rights
2nd Dec 201410:14 amRNSDirector/PDMR Shareholding
5th Nov 201410:08 amRNSInterim Management Statement
30th Sep 201410:10 amRNSDividend
30th Sep 201410:10 amRNSTotal Voting Rights
25th Sep 201410:07 amRNSBlocklisting Interim Review
31st Jul 201410:08 amRNSTotal Voting Rights
31st Jul 201410:06 amRNSHalf Yearly Report
3rd Jul 201411:15 amRNSNotice of 2014 Half-Yearly Results
11th Jun 201411:00 amRNSHolding(s) in Company
30th May 201410:08 amRNSTotal Voting Rights
27th May 20149:47 amRNSTransfer of Listing Segment
7th May 20142:21 pmRNSNon-Routine Resolutions submitted via NSM
7th May 20142:08 pmRNSResult of AGM
7th May 201412:33 pmRNSInterim Management Statement
30th Apr 201410:08 amRNSTotal Voting Rights
29th Apr 201411:07 amRNSDirector/PDMR Shareholding
29th Apr 201410:37 amRNSDividend
24th Apr 201411:32 amRNSTransfer of Listing Segment
23rd Apr 201411:54 amRNSDirector/PDMR Shareholding
22nd Apr 201412:02 pmRNSDirector/PDMR Shareholding
8th Apr 20142:55 pmRNSResult of Special General Meeting
3rd Apr 201410:16 amRNSAnnual Financial Report
26th Mar 20147:00 amRNSMO to Expand Mandarin Oriental, Munich
25th Mar 20149:12 amRNSBlocklisting Interim Review
14th Mar 201410:49 amRNSDirector/PDMR Shareholding
12th Mar 201411:34 amRNSDirector Declaration

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.