Mandarin Oriental's profits climbed 7% to US$72.3m

Thanks to robust demand from these Asian cities.

Mandarin oriental has released its finacial results for full year ended December 31, 2012. The group posted a 7% climb in its profit attributable to sharehloders, or US$72 million in 2012, compared to US$67 million in the prior year.

Underlying earnings before interest, tax, depreciation and amortization for 2012 were US$175 million, compared to US$163 million in 2011. Underlying profit was up 20% at US$71 million, and underlying earnings per share were also 20% higher at US¢7.09.

The 2012 result includes a non-trading writeback of a US$2 million provision against an asset impairment, while 2011 benefited from US$8 million of net non-trading profit. 

In Hong Kong, the Group’s two wholly-owned hotels performed well, exceeding the record results achieved in the prior year. In Tokyo and Bangkok, a sustained recovery from the effects of natural disasters in 2011 resulted in increased occupancy at both hotels. Robust demand in Singapore also led to an improved performance.  

In Europe, revenue per available room increased in every location except Geneva, where the hotel’s performance was affected by a phased room renovation and a strong Swiss franc. 

Mandarin Oriental Hyde Park, London benefited from a number of one-off events, most notably the 2012 Olympics. Mandarin Oriental, Paris recorded increased occupancy while maintaining a high average rate. 

In The Americas, individual hotel performances varied amidst a climate of political and economic uncertainty.