Last checked at 3 May 2017 12:35
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
3rd May 2017 - Mandarin Oriental International Limited has today issued its Interim Management Statement for the first quarter of 2017.
Earnings for the period under review were lower than in 2016, primarily because of the partial closure of the London hotel for renovation. The results across the rest of the portfolio were largely stable with Hong Kong and Paris performing broadly in line with last year, and both Munich and Washington D.C. showing improvement. Going forward, the Group's results will continue to be affected by the renovation in London, which is scheduled to complete in the second quarter of 2018.
New management contracts for hotels in Honolulu and Dubai with accompanying residences were announced recently. Honolulu is expected to open in 2020, and the hotel in Dubai's commercial district, which is the Group's second hotel project in the city, is scheduled to open later that year.
At 31st March 2017, net debt was US$306 million, while gearing as a percentage of adjusted shareholders' funds was 8%, in line with that reported at the end of 2016.
Mandarin Oriental currently operates 29 hotels and eight residences in 19 countries and territories. The Group has a strong pipeline of hotels and residences under development, with the next scheduled hotel opening in Doha. Mandarin Oriental International Limited is incorporated in Bermuda and has a standard 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
Hamish Ross (852) 2895 9288
Sally de Souza (852) 2895 9167
Brunswick Group Limited
Joanna Donne (852) 3512 5070
This and other Group announcements can be accessed through the internet at 'www.mandarinoriental.com'.