Last checked at 6 May 2009 12:14
To: Business Editor For immediate releaseThe following announcement was issued today to a Regulatory Information Service approved by the Financial Services Authority in the United Kingdom.MANDARIN ORIENTAL INTERNATIONAL LIMITEDInterim Management Statement6th May 2009 - Mandarin Oriental International Limited has today issued an Interim Management Statement covering the period from 1st January to 5th May 2009 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority of the United Kingdom.In general, occupancy levels across the Group's hotels in Asia and The Americas were significantly below those achieved in the same period last year due primarily to weak demand from the corporate sector. While the hotels have maintained their market positions in their respective cities, average rates have also declined due to the competitive environment. Results from the Group's European hotels were also down, but demand so far has shown more resilience than in other regions. The recent outbreak of H1N1 influenza has not materially affected the Group.The Mandarin Oriental, Sanya resort opened on Hainan Island in China in January 2009, and in February 2009 the Group announced that it will manage a resort in The Maldives that is due to open in 2010. Currently 13 of the Group's 18 hotel developments are under construction, but the remaining projects are experiencing delays as the developers secure project funding.In January 2009, the Group announced the disposal of its 50% interest in its existing Macau hotel, and an expected gain of US$75 million will be recognized once the transaction completes.It is anticipated that results for the first half of 2009 will be significantly affected by the current weak demand caused by the global economic downturn. Nevertheless, the Group remains in a strong financial position and its long-term outlook is positive due to the strength of the brand and the limited new supply of luxury hotels in key markets.Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world's most prestigious hotels and resorts, with 41 hotels in operation, including 18 under development, representing over 10,000 rooms in 25 countries, with 17 hotels in Asia, 14 in The Americas and ten in Europe and North Africa. Mandarin Oriental International Limited is incorporated in Bermuda and listed in London, Bermuda and Singapore. It is a member of the Jardine Matheson Group.
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For further information, please contact:Mandarin Oriental Hotel Group International LimitedStuart Dickie (852) 2895 9288Sally de Souza (852) 2895 9167GolinHarrisCharlotte Fan (852) 2501 7978This and other Group announcements can be accessed through the Internet at 'www.mandarinoriental.com'.