Annual Report 2019

Food and Beverage Business In respect of the Group’s food and beverage business, continuous efforts were made in 2019 to rationalize operating efficiency and outlet locations. Our premium restaurant business was hampered by slower business patronage caused by trade disputes and in general affected by the social protests and unrests. Revenue in 2019 dropped by 23.6% to HK$244 million yet EBITDA managed to rise 85.6% to HK$24 million as a result of the closure of inefficient outlets and containment of operating costs. INDULGING IN THE ESSENCE OF GASTRONOMY Management Discussion and Analysis Miramar Hotel and Investment Company, Limited Annual Report 2019 017