Mandarin Oriental International Limited provided earnings guidance for the first half and full year of 2021. Trading conditions remain extremely challenging, and an underlying loss is expected for the first half of 2021. The outlook for the full year remains highly uncertain, and will be dependent on the removal of barriers to travel and continuation of government support measures. Mandarin Oriental remains in a strong competitive position, however, with robust liquidity and a powerful brand that customers will return to when travel restrictions allow.