Consolidated revenue for 1HFY2025 came in at US$248 million, down 1% y-o-y, while ebitda grew to US$61 million, up 4% y-o-y. This is primarily due to the disposal of the group’s hotel and retail properties in Paris in 2024. On a comparable basis, excluding hotel closures and disposals, consolidated revenue growth was 7%.
In the first half of 2025, the group’s revenue per average room (RevPAR) grew 11% y-o-y to US$430, with the combined total revenue growing 11% y-o-y to US$1.09 million.
The increase in combined total revenue was driven by the increase in RevPAR together with the ramp-up of recent hotel openings in Europe, the Middle East, and China.
In the management business segment, hotel management fee income increased by 14% driven by the 11% RevPAR improvement, margin optimisation, and portfolio expansion. Comparable ebitda increased by 11% due to the 14% improvement in hotel management fee income, offset by continued investment in capabilities to support the group’s long-term strategy.
In the owned hotels segment, comparable ebitda increased by 2% mainly driven by Hong Kong and Geneva, partially offset by lower profits from London.
As at June 30, net debt stood at US$152 million, higher than US$94 million at the end of 2024, primarily due to continued funding of One Causeway Bay.
Following the closure of Mandarin Oriental, Miami and the disposal of the group’s stake in that property, the group recorded a US$22 million gain on disposal in May. In June, the group signed an agreement to sell its hotel property in Munich, with a long-term hotel management contract retained. This transaction is expected to be completed in the third quarter of the year.
See also: Lum Chang Holdings net profit up 102% y-o-y for FY2025 to $18.7 mil
Mandarin Oriental has declared an interim dividend of 1.5 US cents.
In the second half of the year, the group is targetting the opening of two new hotels and residences: Mandarin Oriental Downtown, Dubai, its second property in Dubai, and Mandarin Oriental, Vienna, its first flag in Austria, and one residences in Madrid.
Shares in Mandarin Oriental closed 8 cents higher or 4.02% up at $2.07 on July 28.
