REG - Mandarin Oriental Jardine Matheson Hdg - INTERIM MANAGEMENT STATEMENT

Mandarin Oriental InternationalAnnouncement

23/05/2024 10:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240523:nRSW6667Pa&default-theme=true

RNS Number : 6667P  Mandarin Oriental International Ltd  23 May 2024

Announcement

 

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

23rd May 2024 - Mandarin Oriental International Limited today issues its
Interim Management Statement for the first quarter of 2024.

 

In March 2024, the Group completed a comprehensive review and refresh of its
strategy to deliver its objective of being a brand-led, guest-centric, global
luxury hospitality business which generates strong returns for hotel owners
and partners and creates value for shareholders.  The main pillars of the
strategy are to:

 

·    continue to elevate Mandarin Oriental to a distinct high-end luxury
brand;

·    accelerate the expansion of the Management Business globally; and

·    consistently innovate to deliver brand-defining experiences to
customers.

 

We are now moving forward to execute against those pillars and objectives.

 

On the development front, earlier this year, the Group completed the
rebranding of Mandarin Oriental Al Faisaliah, Riyadh, our debut hotel in Saudi
Arabia, and opened Mandarin Oriental Residences, Fifth Avenue in New York.
 The Group expects to open three more new hotels during 2024: Mandarin
Oriental, Muscat, Mandarin Oriental Mayfair, London, and Mandarin Oriental
Qianmen, Beijing.  In May, the Group announced a new management contract for
a luxury hotel in Rome, scheduled to open in 2026.  In April, the Group
completed the sale of the hotel property of Mandarin Oriental, Paris, while
retaining a long-term management contract.

 

Revenue per Available Room ('RevPAR') improved further as a result of strong
performance across all regions in the first quarter of 2024.  Hotels in Asia
delivered notable growth compared to the same period last year, driven by the
recovery of Chinese mainland outbound tourism and the return of international
travellers to China.  In Europe, the Middle East and Africa, hotels
maintained high levels of average rates, bolstered by sustained leisure demand
in the region and the Group's attractive portfolio of hotels in appealing
destinations.  In America, RevPAR increased over the same quarter last year,
primarily due to an increase in occupancy from corporate business.

 

The Group recorded a small underlying profit in the first quarter, in line
with expectations.  The Management Business generated solid fee income from
hotels and the sale of branded residences.  Owned Hotels in Asia,
particularly Singapore and Tokyo, recorded commendable improvements in
earnings compared to the first quarter of last year, partially offset by lower
contributions from Europe and America.

 

Consolidated net debt slightly increased from US$225 million at 31st December
2023 to US$254 million at 31st March 2024, mainly due to investment in One
Causeway Bay, the Group's mixed-use commercial redevelopment in Hong Kong -
and ahead of funds received in April from the hotel property sale in Paris.
The Group's liquidity position remains robust, with US$320 million in
available committed debt facilities and US$154 million in cash reserves.
 Gearing was 6% of adjusted shareholders' funds at 31st March 2024.

 

Mandarin Oriental International Limited is incorporated in Bermuda and has a
primary listing in the standard segment of the London Stock Exchange, with
secondary listings in Bermuda and Singapore.  Mandarin Oriental is a member
of the Jardine Matheson Group.

 

- end -

 

For further information, please contact:

 

Mandarin Oriental Hotel Group International Limited

Max Fleming

Director of Corporate
Finance
(852) 2895 9171

 

Chris Orlikowski

Director of Global
Communications
(44) 791 7280 210

 

Brunswick Group Limited

William
Brocklehurst
(852) 5685 9881

 

This and other Group announcements can be accessed online 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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DOCKXLBLZELZBBL