Sharply improved performance from its Queensland resort properties helped the Mantra Group deliver a solid net result for the 15/16 financial year of $37.1m. Resort revenue was up 34% while pre-tax profits for the division grew 48%.
“This sector benefitted from consistent leisure demand in all key regions, in particular the Gold Coast and Tropical North Queensland, assisted by an increase in the capacity of domestic and international low cost carriers into key leisure destinations,” Mantra said in its Australian Stock Exchange announcement this morning.
Despite increased revenue, pre-tax profit from Mantra’s CBD properties fell 3% with the weak resources sector hurting travel to the Brisbane, Perth and Darwin markets.
“The continued decline in the resources sector and government and infrastructure projects impacted business in Brisbane, Perth and Darwin,” Mantra said.
“Sydney, Canberra, Tasmania and Melbourne all performed strongly supported by an increase in major events with an average occupancy and average room rate increases of 1.7% and $4.32 respectively.”
During the year, Mantra bolstered its portfolio with 11 new properties, adding more than 3,000 rooms to its inventory.
Mantra Group’s portfolio now consists of 127 properties with more than 20,000 rooms under management across Australia, New Zealand, Indonesia and Hawaii.
Its main brands are Peppers, Mantra and BreakFree.