By Michael Susin


Mandarin Oriental International Ltd. reported an Ebitda loss for the first-quarter period, with the impact of Covid-19-related travel restrictions in Asia being offset by a robust performance in Europe, the Middle East and Africa.

The Hong Kong hotel investment and management group said loss before interest, taxes, depreciation and amortization was of $1 million in the first quarter.

Owned hotels adjusted Ebitda--which strips out exceptional and other one-off items--reported a loss of $6 million, while management business's adjusted Ebitda profit was of $5 million.

The company said EMEA occupancy levels were lower than prepandemic levels, but room rates are generally higher than in 2019.

The company said that performance conditions have improved compared to the first quarter of 2021 in most parts of the world, but properties in China have been particularly affected, and these challenges have continued into the second quarter.

Shares at 0944 GMT were down 0.03 pence, or 1.5%, at 2.03 pence.


Write to Michael Susin at michael.susin@wsj.com


(END) Dow Jones Newswires

05-19-22 0610ET