REG - Mandarin Oriental Jardine Matheson Hdg - Interim Management Statement

Mandarin Oriental InternationalAnnouncement

11/11/2021 09:45

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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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