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Interim Management Statement

4 May 2016 12:34

RNS Number : 2404X
Mandarin Oriental International Ltd
04 May 2016
 

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

 

4th May 2016 - Mandarin Oriental International Limited has today issued an Interim Management Statement for the first quarter of 2016.

 

Earnings for the Group during the first quarter were lower than in 2015 due to softer demand in the key markets of Hong Kong and London as well as the adverse impact from a room renovation programme in Washington D.C. Elsewhere, further improvement in Tokyo was offset by weaker conditions in Jakarta, while the Paris hotel maintained its market share in a local environment that remained challenging given the ongoing security concerns.

 

The Group expects the subdued trading conditions seen during the first quarter in its key markets to continue for the remainder of the first half.

 

Net debt at the end of the first quarter was US$154 million, with gearing as a percentage of adjusted shareholders' funds remaining unchanged at 4%. On 27th April 2016, the Group completed its US$140 million acquisition of Mandarin Oriental, Boston.

 

Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world's most luxurious hotels, resorts and residences. Having grown from its Asian roots into a global brand, the Group now operates 29 hotels and seven residences in 19 countries and territories, with each property reflecting the Group's oriental heritage and unique sense of place. Mandarin Oriental has a strong pipeline of hotels and residences under development, with the next hotel openings planned in Doha and Beijing. Mandarin Oriental International Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange as its primary listing, 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

Kirsten Molyneux (852) 3512 5053

 

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
 
 
DOCFZLFBQEFXBBF
Date   Source Headline
6th Mar 20089:05 amRNSFinal Results
11th Feb 20089:41 amRNSNotice of Results
4th Jan 200810:44 amRNSDirector/PDMR Shareholding
27th Nov 200711:12 amRNSDirector/PDMR Shareholding
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27th Sep 200712:53 pmRNSDirector/PDMR Shareholding
19th Sep 200711:38 amRNSDirector/PDMR Shareholding
14th Sep 200711:18 amRNSDirector Declaration
5th Sep 200710:20 amRNSInterim Report 2007
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4th Sep 200710:05 amRNSSyndicated Loan Facility
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9th May 20072:07 pmRNSResult of AGM
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20th Apr 200710:35 amRNSHolding(s) in Company
13th Apr 200710:21 amRNSAnnual Report & Notice of AGM
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6th Mar 20079:05 amRNSFinal Results
1st Mar 20079:05 amRNSMOIL Sale Completion
9th Feb 20079:19 amRNSNotice of Results
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27th Oct 200611:38 amRNSHolding(s) in Company
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17th Aug 200610:11 amRNSInterim Report 2006
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