Annual Report 2021

Travel Business Due to the resurgence in covid-19 cases, cross-border reopening was delayed indefinitely and there was yet no sign of the international tourism market recovering. Just like any other peers in the industry, the Group’s travel business stayed in a standstill. Though the government had once announced the resumption of open-sea cruise travel in the middle of last year, it was once again called to a halt by early 2022, in view of the mutated virus widely spreading, overlaying the local tourism market with heavy dark clouds. The Group’s travel business recorded revenue of HK$13.5 million, down by 92.2% compared with HK$173.7 million last year, and EBITDA recorded a loss of HK$23.3 million, similar to that of last year. The management will continue to closely monitor the market situation, the latest border control measures and mandatory quarantine policies, and to strictly control costs and adjust operating strategy in a timely manner. Be Prepared for Greater Journey 021 Miramar Hotel and Investment Company, Limited Annual Report 2021 Management Discussion and Analysis