Mandarin Oriental International 1st Half Profit Rises by 91% to $56.8 Million

LONDON--Hotel operator Mandarin Oriental International Ltd. (M04.SG) Thursday posted a 91% rise in net profit for the first half of the year, and said that it remains in a strong competitive and financial position.

MAIN FACTS:

-Net profit for six months ended June 30 amounted to 56.8 million U.S. dollars, compared with $29.7 million in the year ago period.

-Pretax profit $66.5 million versus $38.5 million.

-Adjusted pretax profit $63.4 million versus $37.0 million.

-EBITDA $110.3 million versus $81.4 million.

-Underlying EBITDA $107.2 million versus $79.9 million.

-Revenue $327.2 million versus $313.6 million.

-Net asset value per share $0.94 versus $0.90.

-Diluted earnings per share 5.66 cents versus 2.97 cents.

-Adjusted diluted 5.35 cents versus 2.82 cents.

-Maintains dividend at 2 cents per share.

-New hotels opened in Guangzhou and Shanghai.

-Hotel project in Istanbul announced.

-Within the next 18 months, four new hotels are scheduled to open in Taipei, Marrakech, Bodrum and Beijing.

-Write to Tapan Panchal at [e-mail]

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