Mandarin Oriental International Ltd, an operator of luxury hotels from Tokyo to San Francisco, said profit rose 26 percent last year after it booked a USD81-million gain from the sale of a Macau hotel.
Net income increased to USD83.3 million, or 8.42 cents a share, from USD66.2 million, or 6.79 cents, in 2008, the Hong Kong-based company said in a Regulatory News Service statement today. Combined total sales fell 18 percent to USD838.3 million. Operating profit, which excludes the gain, dropped to USD23.6 million from USD86.2 million.
Mandarin Oriental may look for opportunities to buy more brands as lodging companies struggle amid a decline in spending, Chief Executive Officer Edouard Ettedgui said in December. Three new hotels opened in 2009 in Sanya, China; Barcelona, Spain; and Las Vegas. That took the company’s total to 25.