Owned hotels reported an ebitda of US$19 million, with almost all hotels delivering increased financial performance. The management business saw significant growth and generated higher fees, with hotels, particularly in Hong Kong and Mainland China, contributing to an ebitda of US$7 million.
Mandarin Oriental (SGX:M04
) , which is part of the Jardine Matheson (SGX:J36) group, has recorded an unaudited underlying profit of US$3 million ($4.0 million) for the 1QFY2023 ended March 31. Compared to the underlying loss of US$26 million in the 1QFY2022, this quarter's profit was thanks to improved performance from both the group’s owned hotels and its management business.
At the same time, the group’s underlying ebitda for the quarter stood at US$30 million, reversing from the US$1 million ebitda loss in the 1QFY2022.
