- Mandarin Oriental International has reported a fall in earnings in the first quarter, compared to last year.

The Company says this was primarily because of the partial closure of the London hotel for renovation.

Mandrin added:

"The results across the rest of the portfolio were largely stable with Hong Kong and Paris performing broadly in line with last year, and both Munich and Washington D.C. showing improvement. Going forward, the Group's results will continue to be affected by the renovation in London, which is scheduled to complete in the second quarter of 2018.

"New management contracts for hotels in Honolulu and Dubai with accompanying residences were announced recently. Honolulu is expected to open in 2020, and the hotel in Dubai's commercial district, which is the Group's second hotel project in the city, is scheduled to open later that year.

"At 31st March 2017, net debt was US$306 million, while gearing as a percentage of adjusted shareholders' funds was 8%, in line with that reported at the end of 2016."

At 1:41pm:

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