By Matteo Castia
Mandarin Oriental International Ltd. said Wednesday that business in the first quarter continued to be severely hurt by the coronavirus pandemic.
The hotel chain said it posted an underlying loss of $41 million in the quarter and that it expects further losses in the second quarter.
"In Asia, border restrictions greatly limited demand, except in the Chinese mainland where occupancy was supported by strong local consumption in a large domestic market. In Europe, conditions worsened as the quarter progressed. The operating environment in America has improved slowly," Mandarin Oriental said.
The company said its hotels have been operational since middle of April.
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(END) Dow Jones Newswires
May 05, 2021 05:58 ET (09:58 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.