This article is from the Australian Property Journal archive
A STRONG tourism market and new hotel acquisitions have carried Mantra Group in the six months to December 31.
The accommodation group returned a 15.1% increase in underlying net profit after tax to $31.8 million, and a 14.4% jump in underlying net profit after tax and amortization to $33.1 million.
Underlying EBITDAI increase 10.3% to 58.7 million, statutory profits increase 25.9% to $30.5 million.
Total revenue of $356.2 million was up 15.9%.
CEO Bob East said the improvement was driven by four new properties acquired during the six-month period, supported by organic growth as a result of the continued growth in domestic and international travel, an increase in the total number of rooms available across both the resorts and CBD operating segments, improved occupancy levels, higher average room rates in resorts and improved efficiencies in key areas of the business.
The resorts segment saw revenue uplift of 30.1% to $163.0 million and EBITDAI by 29.5% to $28.1 million, whilst contribution from new properties returned $27.9 million in revenue and $4.7 million in EBITDAI.
East said the 1,176-room Mantra-branded Ala Moana Hotel in Hawaii’s Honolulu contributed $27.2 million in revenue since joining the group in July.
He said growth in domestic and international travel was seen particularly to all Queensland regions, as well as strong demand in Melbourne, Sydney, Canberra and Adelaide.
Mantra’s total assets are currently at $829 million, and net assets at $482 million.
The CBD segment’s revenue of $162.8 million represented a 3.4% increase, but EBITDAI for the period was down $1.4 million to $26.3 million as lower average room rates in the segment fell 2.1%, particularly in Brisbane, Perth and Darwin as the fall-out from the end of the resources continues to be felt.
Central revenue and distribution recorded revenue of $28.3 million and EBITDAI of $18.8 million, increases of22.5% and 12.1% respectively, which East said was driven by online booking channels and increases in fees from management agreements.
Mantra reaffirmed its market guidance for the full year of EBITDAI between $101.0 and $107.0 million, NPAT between $48.5 and $52.5 million and NPATA between $51.0million and $55.5 million.
Australian Property Journal
