SINGAPORE (July 26): Mandarin Oriental International, a member of the Jardine Matheson Group, announced 1H18 earnings rose by 49% to US$22.3 million ($30.3 million) from US$15.0 million in 1H17.
Revenue for the six months ended June was US$307.9 million, 7.4% higher than $286.7 million recorded in the previous year.
Hotel performance was higher in 1H18 due to improved performances across most of the group’s portfolio, especially Hong Kong, Singapore, Bangkok and Tokyo. Paris also saw signs of recovery after several years of weak demand.
In the Americas, there were weaker performances in Boston and Washington DC, compared to the same period last year.
In London, Mandarin Oriental Hyde Park closed for necessary repairs following a fire accident, but is anticipated to partially reopen in 4Q18.
The group said that the closure of Hotel Ritz, Madrid in February this year for a comprehensive 19-month restoration has impacted its overall results
The group has declared an interim dividend of 1.50 US cents per share, unchanged from last year.
As at end June, the group’s cash and cash equivalents stood at US$204.4 million.
Underlying profit was higher in 1H18 due to generally improved performances across the group’s portfolio, and it expects this trend to continue in the second half of the year.
Shares in Mandarin Oriental closed 4 US cents lower at US$2.33 on Thursday.
