Mandarin Oriental narrows net loss by 78% in FY2024

Loss for the period eased to $104.6m from $4.8b a year ago.

Mandarin Oriental reported a net loss of $104.6m (US$78.6m) for FY2024, easing 78% year-on-year (YoY) from the $4.8b (US$365.4m) net loss in FY2023.

Non-trading losses, which amounted to $203m (US$153m), primarily comprised a non-cash revaluation of One Causeway Bay, resulting in a loss attributable to shareholders of US$78m.

Loss per share stood at $0.083 (US$0.0622) from $0.39 (US$0.2891) a year ago, whilst underlying earnings per share dropped 8% YoY to $0.079 (US$0.0591) from $0.085 (US$0.0641) in FY2023 due to lower one-off residences branding fees.

The company declared a final dividend of $0.047 (US$0.0350) per share, bringing the total dividends issued to $0.067 (US$0.050) per share.