SHARES in Australia's second largest hotel and resort operator have fallen since it listed on the Australian Securities Exchange on Friday.
MANTRA Group shares began trading on the Australian share market at $1.80 each at 1200 AEST, valuing the company at $449 million.
By 1400 AEST, its share price was down by seven cents, or 3.9 per cent, to $1.73.Lonsec senior client adviser Michael Heffernan says he's not expecting a rush of buyers for Mantra in light of a dip in consumer confidence linked to the May federal budget which signalled spending cuts and new taxes."Hotels are still in the consumer spending area and are susceptible to falls in consumer confidence," he said.Mantra chief executive Bob East said the reception from investors was positive."Our new shareholders include a strong representation of blue-chip Australian investment institutions and we are looking forward to welcoming many retail investors into ownership of the company," he said.The company operates 113 hotels, resorts and serviced apartments across Australia, New Zealand, and Indonesia, catering for about two million guests a year.Its network includes the Peppers and BreakFree chain of hotels and resorts.Mantra has sold slightly more than half of its shares to the public in a bid to reduce its debt.It made a profit of $24.6 million in 2012/13, and expects that to grow to $27.4 million in the current financial year.Mantra says it has a good quality portfolio of properties in a strong sector of the Australian economy, although it does acknowledge it is exposed to downturns in economic conditions, such as weak consumer confidence and fluctuating exchange rates.Confidence has been hampered by spending cuts announced in May's federal budget, with travel group Flight Centre recently warning its profit could be hit by a fall in holiday bookings since mid-April.Mr East has 20 years experience in tourism, and has led the company since 2007, while chairman Peter Bush is a former chairman of McDonald's Australia and Nine Entertainment.Anda sedang membaca artikel tentang
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