Luxury hotel group Mandarin Oriental says underlying losses in the second quarter of the year are going to be even bigger than the $40m (£32.2m) loss it incurred in Q1 as a result of the ongoing Covid-19 outbreak.
It said that while most of its hotels outside of Asia were closed, those within Asia were open but experiencing single-digit occupancy levels.
The group said it had taken a number of actions to manage costs and preserve cash, including the suspension of non-essential expenses and capital expenditure, significantly reducing payroll costs through unpaid leave, furloughing, substantial voluntary salary reductions at all levels and participation in government support measures wherever possible.
