Annual Report 2020

Travel Business The global tourism industry has entered into a quivering winter with no sign of recovery in the near term when airlines cancelling flights in large scale and countries imposing different cross-border travel and immigration control measures. The Hong Kong-Singapore Air Travel Bubble has put a halt lately due to the upsurge of local cases. All of the above have dealt a heavy blow to Hong Kong’s tourism industry. The Group’s travel business recorded revenue of HK$174 million, a decrease of 87.1% from last year while EBITDA recorded a loss of HK$23.1 million. The revenue and the EBITDA of last year were HK$1,345 million and HK$94 million respectively. On top of strict cost control measures, the management will continue to closely monitor the market situation and anti-epidemic measures on international border restriction, in order to adjust operating mode in a timely manner. READY FOR NEXT ADVENTURES 023 Miramar Hotel and Investment Company, Limited Annual Report 2020 Management Discussion and Analysis