Orient Express Hotels made a net loss of $1.6m (£841,846) in the first quarter which ended 31 March.
However, this was an improvement over a net lost in the same period last year of $4.6m (£2.42m).
Company chairman James Sherwood said the first quarter was traditionally loss-making as many of its 49 hotels closed or were quiet for the winter season.
Turnover in the quarter was $82.2m (£43.26m) a 65% year-on-year increase over 2004.
Sherwood said: "We have got off to a good start. We intend to build on that success in the remainder of the year."
The company expects its European hotel performance to be relatively unimpressive this year as many international tourists will be put off by the strength of the euro and the British pound. However, any slack should be met by its properties elsewhere.
Orient Express is due to reopen its Caruso Belvedere hotel in Ravello, Italy, this year.
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