Mantra buoyed by results
Mantra Group has reported total revenue of $454.7 million for the year ended 30 June 2014 representing a 5.7 per cent increase on FY2013.
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 achieved year-on-year growth in each of its operating segments.
Among other factors, improved business sentiment drove corporate demand and a number of special events held in capital cities contributed to leisure demand in CBD properties resulting in increased occupancy levels. Resorts delivered revenue of $177.3 million representing an increase on FY2013 of 4.3 per cent.
Between January and June 2014, Mantra Group added five new hotels to its network – two in Brisbane, one in Melbourne, one in Wollongong and the first Peppers property in Bali, Indonesia.
Mantra chief executive Bob East said business travel conditions were improving and the group benefited from special events, such as sporting and cultural, over the past year, and new properties. The total assets were $516 million with net assets of $257 million and a strong cash flow.
