SINGAPORE (Mar 8): Mandarin Oriental International, the hotel group which is a member of the Jardine group, reported a 1% drop in full year earnings to US$54.9 million ($72.3 million), or 4.37 cents per share, in FY17 from US$55.2 million, or 4.40 cents per share, in FY16.
Combined total revenue of hotels under management rose 4% to US$1.38 billion but underlying profit attributable to shareholders dipped 4% to US$54.9 million primarily due to the impact of the renovation of Mandarin Oriental Hyde Park in London although the combined results of the group’s other hotels improved in FY17.
The renovation of Mandarin Oriental Hyde Park remains on schedule, says Mandarin. The first phase was completed in Sept 2017, and the second phase is expected to be completed in the 2Q18.
