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Consumer confidence boost Mandarin's sales

26 July 2005

Improving consumer confidence in global travel during the first six months of the year helped hotel company Mandarin Oriental boost sales across its portfolio.

In the six months to 30 June turnover was up 28% at $390m (£224m) compared with $304m (£175m) for the same period last year.

However, this included a significant contribution from the $97m (£56m) sale of Mandarin Oriental's 40% stake in its Hawaiian hotel to Kahala Royal Corporation.

The company's underlying profitability (EBITDA) was up 50% from $41.9m (£24m) in 2004 to $62.7m (£36m).

Chairman Simon Keswick said market conditions were "generally favourable and second half results should benefit from rising room rates".

He also warned, however, that this improvement would be offset by the pre-opening costs of the group's new Tokyo hotel.

New hotels in Chicago and Grand Cayman were also announced.

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