HOTELIER Mandarin Oriental International : M04 0% posted an underlying profit of US$81 million for FY2023, up from US$7.6 million a year ago. This translates to a full-year underlying profit growth of 966 per cent.

The group’s revenue increased 23 per cent to US$558.1 million, buoyed by the return of Chinese tourists.

The group saw a net loss, however, for FY2023 of US$365.4 million, up from US$49.5 million the year before.

Loss per share was 28.91 US cents, compared with 3.92 US cents the year before. A dividend of five US cents per share was declared. No dividend was declared the previous year.

The group’s underlying Ebitda (earnings before interest, taxes, depreciation and amortisation), which includes that of its subsidiaries, associates and joint ventures, in 2023 was US$177.6 million, compared to US$111.4 million a year ago.

The group said that its non-trading losses of US$446 million primarily comprised a non-cash revaluation of the Causeway Bay site in Hong Kong under development, resulting in a loss attributable to shareholders of US$365 million.

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Nevertheless, the group said that hotels in Asia benefited from the return of travel demand from the Chinese mainland following the removal of restrictions at the beginning of 2023, generating substantially higher management fees.

Chairman Ben Keswick said that the group had delivered “a strong recovery” in 2023. While it faces some geopolitical and macroeconomic uncertainties entering 2024, it is optimistic about its long-term strategy, he added.

The counter closed 2.6 per cent or US$0.04 higher at US$1.56 on Thursday (Mar 7).