Mandarin Oriental posts ‘stable’ underlying net profit in Q3

The hospitality firm opened a resort in Dubai and China and a hotel in Seoul during the quarter.

Mandarin Oriental International Limited (MOIL) said its underlying net profit was stable in the third quarter, compared to the same period last year.

The firm opened a golf resort in Dubai, a luxury hotel in Seoul, South Korea, and an urban resort in Xian, China, during the quarter.

It is now preparing to open Mandarin Oriental Vienna in the fourth quarter, which would mark its entry to Austria.

In October, Jardine Matheson announced an offer to acquire its remaining 12% of shares in Mandarin Oriental to make the hospitality business fully-owned by Jardine in 2026, MOIL said in a release.

The business’s operations will be unaffected by the deal, it added.

MOIL also announced the sale of 13 floors of its newly completed Grade A commercial building in One Causeway Bay to Alibaba Group in October.

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