Strong growth lifts profit at Mandarin Oriental

Strong growth lifted net profit at Mandarin Oriental International by 91 per cent to US$56.8 million (S$71.9 million).

Revenue for the six months to June 30 was up 7 per cent to US$661.1 million.

Most of the group's hotels benefited from positive trading conditions in the first half year.

Two new luxury hotels opened in Guangzhou and Shanghai and a new management contract for a hotel in Istanbul was announced during the period.

Its global portfolio of properties, including those under development, comprises 45 hotels in 27 countries.

Earnings per share rose to 5.67 US cents from 2.98 US cents previously while net asset value per share climbed by four US cents to 94 US cents.

The retailer declared an unchanged interim dividend of two US cents a share.