Mandarin Oriental has reported that earnings
before interest, tax, depreciation and amortization for the first
six months of 2010 were US$58 million compared to US$35 million
in the first half of 2009.
The groups underlying profit for the
period was US$13 million, up from US$1 million in the same period
in 2009. Profit attributable to shareholders was also US$13
million, which compares with US$74 million in the first half of
2009 which included a gain on a property disposal.
The groups two wholly-owned Hong Kong
hotels benefited from increased demand particularly from the
corporate segment.At the Mandarin Oriental, Hong Kong, RevPAR increased by 46% over the same period last year,
with improvements in both occupancy and rate. The Excelsior, Hong
Kong also achieved stronger occupancy, at 84%, and produced an increase in RevPAR of 30%.
Mandarin Oriental, Tokyo, which
operates under a long-term lease, attracted higher occupancy
despite new competitive supply in the market. The Manila hotel saw
an increase in its corporate travel segment, while the Mandarin Oriental,
Jakarta achieved a significantly higher average rate following its
re-opening at the end of 2009 following a comprehensive
renovation.
In Europe, the performance of the groups
wholly-owned London hotel remained strong in a market which was
less affected in 2009 by the weaker global economy. Both the
Munich and Geneva hotels recorded higher RevPAR as a result of
strengthening demand. In the USA, the first-half performance at
the 80%-owned Washington D.C. hotel declined in comparison with
the same period in 2009, which had benefited from activities
surrounding the Presidential Inauguration.
The share of results of associates and joint
ventures rose due to stronger market conditions in Singapore,
Kuala Lumpur, New York and Miami. Bangkok started the year well,
but was impacted by political protests from March onwards.
Mandarin Oriental currently operates 26 hotels
and has a further 16 under development. Together these represent
17 hotels in Asia, 13 hotels in the Americas and 12 hotels in
Europe, Middle East and North Africa. In addition the group
operates, or has under development, 14 Residences at Mandarin
Oriental connected to the groups properties.
The company said that while some of the current 16
development projects continue to face delays, the group is
reviewing an increasing number of opportunities in key city centre
and resort destinations around the world.
See other recent news regarding:
Airlines,
Airports,
Awards,
Flights,
Codeshare,
Lounges,
First Class,
Business Class,
MICE,
GDS,
Rewards,
Miles,
Hotels,
Apartments,
Promotions,
Spas,
Yoga,
Retreat,
New Hotels,
Traffic,
Visitor Arrivals,
Cruises,
Free Deals,
Videos,
Mandarin Oriental,
H1,
Hong Kong
|