Highlights:
Results hit by decline in Asian travel and tourism
Major refurbishment at London hotel
Mandarin Oriental, Kuala Lumpur to open
Results: (unaudited) US$m
Six months ended 30th June (unaudited)
US$m
Combined total revenue of hotels under management 1998 174
1997 223
change% -23
Turnover
1998 100
1997 134
change% -25
Operating profit
1998 20
1997 45
change% -54
Profit after taxation and minority interests
1998 10
1987 34
Change% -72
US¢
Earnings per share
1998 1.36
1997 4.87
change% -72
Cash flow per share from operating activities 1998 0.95
1997 7.13
change% -87
Dividends per share
1998 0.50
1997 1.65
change% -70
"Mandarin Oriental is maintaining a tight control over costs in the face of unusually weak markets in Asia, while ensuring that it does not compromise its commitment to exceptional customer service."
Simon Keswick, Chairman
16th September, 1998