Last checked at 4 May 2016 12:34
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.
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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'.