Mandarin Oriental pops the champagne on 34% profit jump to US$107m

Thanks to US$7m one-off items.

According to a release, underlying earnings before interest, tax, depreciation and amortization for the first six months of 2013 were up 34% at US$107 million. 

The first half benefited from US$7 million of one-off items relating to the acquisition in February of the freehold rights of the Group’s Paris hotel.

Underlying earnings have also benefited from the resulting increased contribution from the Paris hotel and rental income from the two retail units.

The Group’s underlying profit for the period was US$54 million, compared to US$28 million in 2012. Underlying earnings per share were US¢5.36 compared with US¢2.83 in 2012.

Profit attributable to shareholders was US$57 million, which includes the writeback of a US$3 million provision against asset impairment.

This compares to US$30 million in the first half of 2012, which included the writeback of a US$1.5 million provision against asset impairment.

An interim dividend of US¢2.00 per share has been declared, unchanged from 2012.