By Adria Calatayud
Mandarin Oriental International Ltd. said Thursday that it doesn't expect a material recovery in business levels until 2021 at the earliest as it posted a widened first-half net loss due to hotel closures caused by the coronavirus pandemic.
The luxury hotel group said net loss for the period was $435.5 million compared with a $12.1 million loss in the year-earlier period. The company's underlying loss for the first half was $102 million compared with an underlying profit of $11 million in the first half of 2019, it said.
Revenue fell to $95.5 million from $279.6 million a year earlier, Mandarin Oriental said.
The company said it anticipates a significant loss for the second half of 2020.
"The board remains confident that the Group's robust financial position and strong brand will enable Mandarin Oriental to weather the downturn and return to profit when luxury travel begins to recover," Chairman Ben Keswick said.
Mandarin Oriental said no interim dividend will be paid in light of coronavirus uncertainty.
Write to Adria Calatayud at email@example.com