Mandarin Oriental International Ltd Interim Management Statement (6299S)
November 07 2019 - 4:21AM
UK Regulatory
TIDMMDO TIDMJAR TIDMJDS
RNS Number : 6299S
Mandarin Oriental International Ltd
07 November 2019
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
7th November 2019 - Mandarin Oriental International Limited has
today issued its Interim Management Statement for the third quarter
of 2019.
As anticipated, the closure of The Excelsior at the end of March
2019 and the major renovation in Bangkok resulted in substantially
lower underlying profit in the quarter compared with the same
period in 2018, despite strong results from the newly renovated
London hotel. In addition, earnings of the Group's flagship hotel
in Hong Kong were lower due to difficult market conditions caused
by the ongoing social unrest. While average daily rates were
broadly stable in the third quarter, occupancy levels were 49%
compared to 71% in the same period in 2018.
Net debt at 30th September 2019 was US$313 million, while
gearing as a percentage of adjusted shareholders' funds was 5%.
Mandarin Oriental currently operates 32 hotels and seven
residences in 23 countries and territories. 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.
- end -
For further information, please contact:
Mandarin Oriental Hotel Group International Limited
Alexander Li (852) 2895 9288
Sally de Souza (852) 2895 9167
Brunswick Group Limited
David Ashton (852) 3512 5063
This and other Group announcements can be accessed through the
Internet at 'www.mandarinoriental.com'.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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