MHV narrows first-half net loss to €5.07 million despite lower revenue

Nicosia, Cyprus. MHV Mediterranean Hospitality Venture Plc on Friday reported a net loss of €5.07 million for the six months to June 30, 2026, compared with a €10.22 million loss a year earlier. The loss narrowed despite lower overall revenue and the impact of the Middle East conflict on its Cypriot hotels.

Operating result improves

The group recorded an operating profit of €639,772, compared with an operating loss of €6.70 million in the first half of 2025.

Higher finance costs weighed on the bottom line, increasing by €1.94 million to €4.34 million.

Revenue declines despite hotel growth

Group revenue fell to €32.12 million in the first half of 2026 from €37.23 million in the corresponding period of 2025. The company attributed the decline mainly to a €12.15 million reduction in revenue from real estate activities.

This was partly offset by a €6.62 million increase in hotel operating revenue, according to the latest report.

The increase in hotel revenue was driven mainly by the reopening of The Landmark Nicosia, Autograph Collection in December 2025 and the acquisition of Rinascita SA, which operates the Moxy Athens City Hotel.

The Landmark Nicosia generated €6.81 million in revenue during the six-month period. Rinascita, acquired in March 2026, contributed a further €2.68 million.

Revenue from Parklane Hotels Limited declined by €2.94 million compared with the first half of 2025.

Middle East conflict affects Cypriot hotels

MHV said the escalation of the Middle East conflict affected hotel performance, particularly during March and April, but its business had experienced a steady recovery since May.

The group said the geopolitical situation involving Iran affected its Cypriot hotels during the first half of 2026. Management believed the negative impact would be contained until the end of the year.