Mantra Group Limited (Mantra Group) has announced its results for the half year ended 31 December 2014.
The latest results show Mantra Group delivered total revenue of AUD$252.7 million for the six-month period.
Mantra Group chief executive officer Bob East said he is pleased to announce the results as they reflect the group’s strong performance in terms of revenue, profitability and cash flow.
“The Group delivered total revenue of AUD$252.7 million representing a 9.4% increase on H1FY2014,” Mr East said.
“This result reflects improved occupancy levels and average room rates as well as a focus by Management on cost control and improved efficiencies in key areas of the business.
“The Group is in a good financial position with total assets of AUD$545 million, net assets of AUD$279 million and a strong cash flow, and is well placed to deliver shareholder value in FY2015.”
Mantra Group saw growth in each of its operating segments. For the central business district (CBD) segment, the group delivered revenue of $136.4 million and EBITDAI of AUD$25.1 million.
Mr East said Mantra Group are on target to meet its prospectus forecast for the 2015 financial year (FY2015) and are committed to take advantage of growth opportunities in FY2015.
“We continue to strengthen our platforms and we are taking advantage of leading distribution capabilities and brand appeal,” Mr East said.
Five new hotels were added to the Mantra Group network between July and December 2014, with new properties to be introduced over the next year and new developments are awaiting construction.