Mandarin Oriental International Reports Increased Profit in First Half of 2023

Luxury hotel group, Mandarin Oriental International, has announced that its underlying net profit rose in the first half of 2023, thanks to a recovery in Asia. The company also restarted its interim dividend.

Positive Financial Performance

Mandarin Oriental reported an underlying net profit of $27.8 million in the first half of the year. This is a significant increase compared to the net loss of $21.0 million in the same period of 2022. The recovery of key owned hotels in Asia was the driving force behind this positive performance.

On a statutory basis, however, Mandarin Oriental's net loss widened to $69.2 million from a profit of $18.3 million in the previous year.

Revenue Growth

The luxury hotel group also experienced a growth in revenue. Revenue rose to $260.7 million in the first half of 2023, compared to $198.4 million in the same period last year.

Interim Dividend Resumed

Mandarin Oriental has recommenced its interim dividend, with each share receiving 1.50 cents.

Confidence in Future Success

Chairman Ben Keswick expressed confidence in the future success of Mandarin Oriental. He mentioned that the strength of the group's brand, along with its existing portfolio of properties and strong pipeline, contribute to this optimism.