Hotel operator Mandarin Oriental International has reported losses of US$155.9 million for 1HFY2021, versus losses of US$435.5 million in the year earlier, as the impact of the pandemic on the travel and hospitality industry continues to hurt.
However, in a sign of tentative recovery, revenue, in the same period, was up 7% y-o-y to US$101.8 million. Revenue of the hotels under management, meanwhile, increased by 38% to US$381.8 million.
“Operating conditions generally improved towards the end of the first half, with all hotels under operation open in the second quarter,” says Mandarin Oriental, adding that this time last year, almost all its hotels were effectively closed because of the pandemic.
“Performance did, however, vary by market, depending mostly upon vaccination roll-out progress and the impact of government actions to curtail the spread of the virus. In most markets, the customer base was largely domestic and leisure-orientated,” the company adds.
Mandarin Oriental International closed July 29 at $2.02, down 0.98% for the day but up 18.13% year to date.
