Mandarin Oriental International Ltd Interim Management Statement (0912S)
11 Noviembre 2021 - 3:41AM
UK Regulatory
TIDMMDO TIDMJAR
RNS Number : 0912S
Mandarin Oriental International Ltd
11 November 2021
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
11th November 2021 - Mandarin Oriental International Limited
today issues its Interim Management Statement for the third quarter
of 2021.
Overall trading conditions improved towards the end of the
second quarter and this trend continued into the third quarter.
Performance, however, varied by market depending on government
actions to curtail the spread of COVID-19.
In Asia, most properties continued to rely on domestic business
with international borders remaining effectively closed, and as a
consequence both occupancy levels and average daily rates remained
low. The exception was the Chinese mainland, where operations
continued to benefit from strong demand in a large domestic
market.
By contrast, the operating environment in both Europe and
America improved substantially, with results benefitting from the
relaxation of travel and freedom of movement restrictions.
On 22nd August 2021, the Group opened its second hotel in
Turkey, Mandarin Oriental Bosphorus, Istanbul.
As a result of these improving conditions, together with
continued significant government support in some markets, the Group
recorded a marginal underlying profit (unaudited) in the third
quarter, the first such positive performance since the fourth
quarter of 2019. The management business continued its satisfactory
performance, also recording an underlying profit in the third
quarter.
The Group's financial position remains robust. Net debt at 30th
September 2021 was US$568 million and the Group held US$162 million
of cash reserves and US$296 million in available, committed debt
facilities. Gearing was 11% of adjusted shareholders' funds.
Mandarin Oriental International Limited is incorporated in
Bermuda and has a primary 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
James Riley (852) 2895 9288
Matthew Bishop (852) 2895 9288
Brunswick Group Limited
Sunitha Chalam (852) 3512 5050
This and other Group announcements can be accessed through the
Internet at 'www.mandarinoriental.com'.
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