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A good set of results as expected with Asia opening in 1H 2023. All other hospitality companies are reporting something similar. Underlying profit is on track to match to precovid in 2018, despite having 2 less hotels compared to then. The scalable nature of the Mgt business is evident.
The most interesting thing would be MOI selling MO Jakarta to Astra for 85mil (recording a 43mil, or 100% gain on disposal from BV), a related party transaction. This continues to improve the FCF to delever down and also provide headroom for the development of the commercial site.
MANDARIN ORIENTAL INTERNATIONAL LIMITED HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2023
HIGHLIGHTS
- Underlying profit of US$28 million in first half, more than double 2019
- Record fee income in Management Business, with particular strength in Europe and the Middle East
- Robust pipeline with several new openings scheduled in 2023
- Dividend payments recommence with interim dividend of US¢1.50 per share
https://links.sgx.com/FileOpen/MOIL.ashx...eID=766974
The most interesting thing would be MOI selling MO Jakarta to Astra for 85mil (recording a 43mil, or 100% gain on disposal from BV), a related party transaction. This continues to improve the FCF to delever down and also provide headroom for the development of the commercial site.
MANDARIN ORIENTAL INTERNATIONAL LIMITED HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2023
HIGHLIGHTS
- Underlying profit of US$28 million in first half, more than double 2019
- Record fee income in Management Business, with particular strength in Europe and the Middle East
- Robust pipeline with several new openings scheduled in 2023
- Dividend payments recommence with interim dividend of US¢1.50 per share
https://links.sgx.com/FileOpen/MOIL.ashx...eID=766974