HOTELIER Mandarin Oriental International narrowed its net loss for FY2021 to US$141.4 million from US$680.1 million the year before.

Revenue was up 72.5 per cent to US$316 million following relaxation of travel restrictions in most parts of the world in the second half of 2021, but the group cautioned that travel restrictions in most of East Asia remained in place throughout the year.

Despite the challenging environment in that region, occupancy rose to 35 per cent from 27 per cent in 2020.

Group results were lifted by pandemic-related receipts that included government support primarily in Europe, rent concessions in Tokyo, and business interruption insurance proceeds for hotels in the US.

Loss per share was 11.19 US cents, compared with 53.84 US cents the year before. No dividend has been declared for 2021.

Ebitda (earnings before interest, tax, depreciation and amortisation) from the group's property interests in 2021 was US$24 million, compared to a loss of US$62 million in 2020.

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The management business posted Ebitda of US$17 million, compared with a loss of US$12 million the year before, with strong management fees earned in resort destinations such as Dubai and Bodrum in Turkey.

Mandarin Oriental's total number of hotels under operation has risen to 36, following the opening of its latest property in Shenzhen in January. Twenty-four projects that are expected to open in the next five years.

Despite improvements in global travel, the group said conditions remain difficult, especially in East Asia. It expects an underlying loss for the first half of 2022.

The counter ended flat at US$2.16 on Thursday.