Spain's Melia Hotels has recorded a loss for the first quarter of 2021, as COVID-19 continued to put the brakes on global travel, and warned that visibility on future performance remains "very limited" in the short term.
Expecting Recovery To Begin In Second Quarter
Still, the Mallorca-based firm reaffirmed its forecast for a recovery to begin in the second quarter as vaccination campaigns pick up speed and restrictions on movement are lifted.
"We trust that the vaccination and treatment processes plus coordination between countries on 'safe travel corridors' will allow us to continue improving our bookings," the company said in a statement.
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Melia's net loss widened to €130.9 million from €79.7 million a year earlier, when the first pandemic restrictions were introduced only in March, while revenue tumbled by 74% to €76.3 million.