Welcome!

Microservices Expo Authors: Elizabeth White, Matt Brickey, Mehdi Daoudi, Astadia CloudGPS, Liz McMillan

News Feed Item

Miramar Hotel and Investment Company, Limited Announces 2014 Interim Results

Miramar Group's Turnover Increases 7% to Approximately HK$1,503 Million

HONG KONG, CHINA -- (Marketwired) -- 08/18/14 -- Miramar Hotel and Investment Company, Limited ('Miramar" or 'the Group") (HKSE: 0071) announced today the interim results for the six months ended 30 June 2014.

----------------------------------------------------------------------------
                                                 For the six months ended
HK$ Million                                               30 June
                                              ------------------------------
                                                    2014      2013    Change
----------------------------------------------------------------------------
Turnover                                           1,503     1,408        7%
----------------------------------------------------------------------------
Profit attributable to shareholders                  708       680        4%
----------------------------------------------------------------------------
Underlying earnings per share - basic and
diluted                                         43 cents  41 cents        4%
----------------------------------------------------------------------------
Interim dividend per share                      17 cents  17 cents         -
----------------------------------------------------------------------------

For the six months ended 30 June 2014 (the "Reporting Period"), the Group's turnover continued to grow, reaching approximately HK$1,503 million, representing an increase of 7% compared to the six months ended 30 June 2013 (the "Last Corresponding Period"). Profit attributable to shareholders continued to grow steadily and, at HK$708 million, was up 4% compared to the Last Corresponding Period. Excluding the net increase in fair value of the investment properties, underlying profit attributable to shareholders rose to HK$246 million. Basic underlying earnings per share were HK$0.43, representing an increase of 4% compared to the Last Corresponding Period. The Board of Directors recommended payment of an interim dividend of HK17 cents per share.

Regarding the results in the first half of 2014, Mr. Lee Ka Shing, Miramar Group's Chairman and CEO, said, "The Group's four core businesses -- Property Rental, Hotel and Serviced Apartment, Food and Beverage, and Travel -- delivered satisfactory revenue growth in an economic environment characterized by subdued growth."

Property Rental Business
The Group's Property Rental Business recorded a 6% increase in revenue to $389 million, benefiting from its quality portfolio of tenants with long-term tenancy agreements and its on-going efforts to improve tenant mix and property facilities.

The office leasing market remained relatively firm with occupancy at Miramar Tower stable and new leases recording growth in rental. The Miramar Shopping Centre and Mira Mall, while recording a slight drop in occupancy rates against a softened market, also recorded higher rents for new leases. The Group will continue to adjust the trade-mix of its malls with effective marketing activities to drive footfall.

Hotel and Serviced Apartment Business
The Hotel and Serviced Apartment Business responded well to the challenging business environment delivering revenue growth of 15% through a competitive pricing and customer acquisition strategy.

During the Reporting Period, the new Mira Moon design hotel recorded steady growth. The Group is now planning to open its third hotel brand under the Mira Hotel Collection before the end of 2014.

Another highlight of the year is the fifth anniversary of the Group's flagship hotel, The Mira Hong Kong, with celebratory promotional events spanning from May to September to increase occupancy rates and F&B sales, and promote brand awareness.

Food and Beverage Business
The Food and Beverage Business recorded revenue growth of 21% during the Reporting Period amidst economic conditions characterized by high operating costs and tight supply of trained labor.

Our diversified dining establishments were strengthened with the opening of two new School Food Korean restaurants at high-traffic malls, and a fourth outlet is planned for the Fourth Quarter of 2014.

The second Saboten was opened in Tsim Sha Tsui, and year-round celebrations for the 40th anniversary of Tsui Hang Village which will take diners down memory lane with classic Cantonese recipes and award-winning dishes.

Travel Business
The Group's Travel Business continued to grow and strengthen its market position, and recorded an increase in revenue of 4%. This was achieved by tapping into the growing demand for outbound overseas vacations and luxury travel such as cruises. The emerging online travel business continues to show satisfactory results as more customers turn to the Internet for travel planning.

Business Outlook
Mr. Lee concluded, "The overall macro-economic environment is more stable, and as such the Group is confident of delivering sustainable healthy returns to its shareholders by continuing to adopt a prudent approach while maintaining operational flexibility."

Company Logo
http://release.media-outreach.com/i/Download/1144

About Miramar Hotel and Investment Company, Limited
Established in Hong Kong in 1957, Miramar Hotel and Investment Company, Limited (Miramar Group) is a hospitality group with a diversified service-oriented business portfolio. Comprising stylish hotels and serviced apartments, property rental, food and beverage, and travel services in Hong Kong and Mainland China. Miramar Group has been listed on the Hong Kong Stock Exchange since 1970 (HKEx Stock Code: 71) and is a member of Henderson Land Group.

Contact:
Josie Baldwin
Marketing Manager - Corporate Communications
Tel: 2315 5343
Fax: 2316 7320
Email: Email Contact

Carol Hui
Assistant Marketing Manager - Corporate Communications
Tel: 2315 5318
Fax: 2316 7320
Email: Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@MicroservicesExpo Stories
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
If you read a lot of business and technology publications, you might think public clouds are universally preferred over all other cloud options. To be sure, the numbers posted by Amazon Web Services (AWS) and Microsoft’s Azure platform are nothing short of impressive. Statistics reveal that public clouds are growing faster than private clouds and analysts at IDC predict that public cloud growth will be 3 times that of private clouds by 2019.
For over a decade, Application Programming Interface or APIs have been used to exchange data between multiple platforms. From social media to news and media sites, most websites depend on APIs to provide a dynamic and real-time digital experience. APIs have made its way into almost every device and service available today and it continues to spur innovations in every field of technology. There are multiple programming languages used to build and run applications in the online world. And just li...
If you are thinking about moving applications off a mainframe and over to open systems and the cloud, consider these guidelines to prioritize what to move and what to eliminate. On the surface, mainframe architecture seems relatively simple: A centrally located computer processes data through an input/output subsystem and stores its computations in memory. At the other end of the mainframe are printers and terminals that communicate with the mainframe through protocols. For all of its appare...
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained Michael Fuhrman, Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Data reduction delivers compelling cost reduction that substantially improves the business case in every cloud deployment model. No matter which cloud approach you choose, the cost savings benefits from data reduction should not be ignored and must be a component of your cloud strategy. IT professionals are finding that the future of IT infrastructure lies in the cloud. Data reduction technologies enable clouds — public, private, and hybrid — to deliver business agility and elasticity at the lo...
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
From personal care products to groceries and movies on demand, cloud-based subscriptions are fulfilling the needs of consumers across an array of market sectors. Nowhere is this shift to subscription services more evident than in the technology sector. By adopting an Everything-as-a-Service (XaaS) delivery model, companies are able to tailor their computing environments to shape the experiences they want for customers as well as their workforce.
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Outscale was founded in 2010, is based in France, is a strategic partner to Dassault Systémes and has done quite a bit of work with divisions of Dassault," explained Jackie Funk, Digital Marketing exec at Outscale, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I will be talking about ChatOps and ChatOps as a way to solve some problems in the DevOps space," explained Himanshu Chhetri, CTO of Addteq, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In their Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, and Mark Lav...
"NetApp's vision is how we help organizations manage data - delivering the right data in the right place, in the right time, to the people who need it, and doing it agnostic to what the platform is," explained Josh Atwell, Developer Advocate for NetApp, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
"We do one of the best file systems in the world. We learned how to deal with Big Data many years ago and we implemented this knowledge into our software," explained Jakub Ratajczak, Business Development Manager at MooseFS, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.