Highlights
MANDARIN ORIENTAL INTERNATIONAL LIMITED
PRELIMINARY ANNOUNCEMENT OF RESULTS
FOR THE YEAR ENDED 31ST DECEMBER 1995
Mandarin Oriental International Limited today announced that the
Group achieved a record profit in 1995 following a stronger second
half of the year. Development activity was focused on the restoration
of the Group's recently acquired hotels in Hawaii and Surabaya
and the start of construction of a new hotel in Kuala Lumpur.
RESULTS
The consolidated net profit after taxation and minority interests
for the year ended 31st December 1995 was US$54 million, an increase
of 10% over 1994. Earnings per share were US¢7.78, an increase
of 9%. Shareholders' funds rose to US$994 million from US$979
million at the end of 1994, an increase of 2%.
DIVIDENDS
The Directors recommend a final dividend of US¢4.35 per share,
payable in cash with a scrip alternative, which, together with
the interim dividend of US¢1.55 per share, will make a total
annual dividend of US¢5.90 per share, an increase of 7% over
the total for 1994.
GROUP REVIEW
Turning to the operations, the Chairman, Mr Simon Keswick, said
that Mandarin Oriental generates the majority of its income from
the Hong Kong hotel market where a significant recovery began
in the second half of 1995. The Group owns some 1,430 luxury
and first class hotel rooms on Hong Kong Island and is well positioned
to benefit from the current strengthening of demand in this market.
The Group's other city centre hotels in Southeast Asia give Mandarin
Oriental a wide presence in this rapidly developing area. Mandarin
Oriental, Manila enjoyed a strong second half while in Bangkok,
Jakarta and Macau the Group's hotels continued to recover. In
Singapore, however, after a better first half, the persistence
of low room rates again affected the full year result.
The re-opening of Hotel Majapahit in Surabaya, Indonesia, early
in 1996 has added to the Group's portfolio another hotel with
fine traditions in a growing commercial centre. The renovation
of Kahala Mandarin Oriental, Hawaii has also been completed; this
hotel re-opened in March 1996, giving the Group a leading position
in one of the most important resort destinations in the Asia-Pacific
Region.
Ground breaking for the new Mandarin Oriental, Kuala Lumpur took
place in November 1995 and work is progressing towards an opening
of this major development at the end of 1997.
The Group pursued a number of other potential expansion opportunities
in 1995 and plan to participate in, and manage, a new hotel project
in Bagan, Myanmar. Unfortunately, however, the Group was not
able to reach agreements which would have enabled Mandarin Oriental
to proceed with the proposed hotel project in Vietnam announced
in August.
Mandarin Oriental's commitment to the highest quality, both in
its physical properties and in its hotel service standards, enables
the Group to compete with confidence in the increasingly discerning
Asia-Pacific markets. The Group takes particular care to enhance
the appeal of its properties by creating innovative restaurants
and other facilities which are important to its guests.
The Group's marketing strategy is focused also on increasing Mandarin
Oriental's share of the intra-Asian travel market, while maintaining
a prominent position with guests from its more traditional markets
of Europe and North America.
PROSPECTS
In conclusion, Mr Simon Keswick said, "The Group's Hong Kong
hotels achieved a strong finish to 1995, an encouraging performance
which has so far been maintained in 1996. Some improvement is
expected in our other markets, although the two new hotels which
opened in early 1996 will take time to reach their full potential.
Mandarin Oriental's portfolio of high quality hotels provides
an excellent base for future growth as the wealth of the Asia-Pacific
Region expands."
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