Last checked at 7 Nov 2012 09:10
To: Business Editor For immediate release
The following announcement was issued today to a Regulatory Information Service approved by the Financial Services Authority in the United Kingdom.
MANDARIN ORIENTAL INTERNATIONAL LIMITED
Interim Management Statement
7th November 2012 - Mandarin Oriental International Limited has today issued an Interim Management Statement covering the period from 1st July to 6th November 2012 in accordance with the requirements of the Disclosure and Transparency Rules of the Financial Services Authority in the United Kingdom.
Global economic conditions remained challenging during the period, and the results from the Group's Hong Kong hotels were affected by a reduced level of corporate business. Nevertheless, many Group hotels benefited from positive trading environments, and further recovery was seen in both Tokyo and Bangkok following last year's natural disasters. Occupancy at Mandarin Oriental, Paris increased further, as it continued to position itself as one of the city's leading hotels. Overall, Group earnings are ahead of the same period in 2011.
Looking forward, the Group expects corporate demand to remain subdued for the remainder of the year in some of its key markets.
The Group now has under development 17 hotels and nine Residences projects, with the next openings scheduled for Guangzhou and Shanghai before the end of the first quarter of 2013.
The Group's financial position remains strong, with a conservative level of net debt in line with that reported at the half year.
Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world's most prestigious hotels and resorts. The Group now operates, or has under development, 45 hotels representing 11,000 rooms in 28 countries, with 19 hotels in Asia, 13 in The Americas and 13 in Europe, Middle East and North Africa. In addition, the Group operates, or has under development, 14 Residences at Mandarin Oriental connected to its properties. Mandarin Oriental International Limited is incorporated in Bermuda and has a premium listing on the London Stock Exchange, 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
Craig Beattie (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'.