Chairman Ben Keswick warns that challenges remain in China, Hong Kong and Japan where strict restrictions remain in place.
With the steady resumption of travel, Mandarin Oriental International has reported that revenue for 1HFY2022 ended June has nearly doubled from US$101.8 million to US$198.4 million.
The combined revenue of the hotels management was up 78% y-o-y to US$679.4 million.
As such, the company was able to reduced its losses from US$155.9 million for 1HFY2021 to US$18.3 million.
“Business activity in most parts of the world has improved as COVID-19 restrictions have been relaxed, leading to improved operating profitability and a reduction in underlying losses,” says chairman Ben Keswick.
However, he warns that challenges remain, especially in China, Hong Kong and Japan, where strict restrictions remain in place.
“The group continues to add management contracts for brand-enhancing properties to grow the portfolio further,” he adds.
Mandarin Oriental closed July 28 at $1.99, down 3.86% for the day.