Saturday, August 17, 2013

FNQ lifts Mantra Group

Thanks again to Conus for a post which passed me by last week: Mantra Group results highlight FNQ recovery.

The 2012/13 result represents a 5% increase on profit (YOY) and can largely be attributed to the Group’s Queensland leisure properties with North Queensland region in particular posting a profit uplift of 38%.  The region experienced a significant increase in average daily rate (ADR) of 8.7% and consistent occupancy levels in both non-peak and traditional peak seasons.
Mantra Group CEO, Bob East, said the region’s attractions coupled with a fall in the Australian dollar and growing inbound markets were behind the region’s success.
“Australians were looking for the ease of a domestic holiday in a destination that offered a diverse choice of experiences.  The combination of natural attractions, family friendly accommodation and great food and wine combined with the fall in the Australian dollar benefitted the region,” he said. 
“We are also seeing continued growth with the Chinese market and other emerging markets travelling to the region.”
Mantra Group has three Peppers and eight Mantra resorts located in North Queensland. 
A half yearly result from Reef Casino should also be due in the coming weeks. Reef declared a distribution for the half in June and indicated a distributable profit result between $5.0 and $5.4 million. The 2012 full year profit was $10.8 million which comprised $3.9 million in 1H and $6.9 million in 2H. However the upper level was closed for renovations in 1H and 2H is typically the stronger trading period.

Performance update and commentary from Reef will be interesting particularly given the "only slightly bigger than Crown" Aquis Casino proposal from Tony Fung at Yorkeys Knob.

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