South Shore Holdings loss widens on impairments

The 13, Macau
The 13, Macau

South Shore Holdings, operator of The 13 ultra-luxury hotel in Macau, reported that its loss for the year to end-March rose to HK$5.84 billion ($742 million) from $1.57 billion the prior year.

Revenue rose to $9.38 billion from MOP6.79 billion in the same period a year ago. 

The company said the results were preliminary and unaudited, but had been released to keep shareholders informed about its operations and financial position.

South Shore gave no commentary on the figures, though it incurred impairment losses on land lease payments, financial assets and property plant and equipment. 

The group announced earlier this month that it expected significant impairment charges of about $4.7 billion.

At the time the company said the impairment is non-cash in nature and won’t affect the company’s cash flows. 

In June the company sold 24 of its iconic red Rolls Royce Phantoms  for $24 million to help pay down bank debt.

It said it expects to release final results before July 31st.

 

SHARE
Previous articleNew Chitose Airport slots boosted by 20 percent
Next articleDFNN expands offshore gaming business

Related Articles

South Shore still trying to unload The 13

South Shore Holdings has indicated that it will continue to seek prospective buyers for its The 13 in Macau and to execute a sale as soon as possible as a way to improve the group’s liquidity and financial position.

South Shore reports annual revenues up 16 percent

South Shore Holdings has reported to the Hong Kong Stock Exchange that its revenues for the year ending March 31, 2020, amounted to nearly HK10.9 billion (US$1.4 billion), a figure that was up 16 percent over the previous year. Nevertheless, the firm recorded losses of about HK$84 million. South Shore is a hospitality, entertainment, and […]

South Shore deputy chairman resigns after shareholder request

Hong Kong-listed South Shore Holdings Limited has announced the resignation of Mr. Lau Tom Ko Yuen as deputy chairman and executive director of the company with effect from June 10, 2020.  The news comes a month after the company announced it had received a letter from one of its registered shareholders Global Allocation Fund requesting […]

Walter Power becomes CEO of Ho Tram Project

Walter Power has resigned his position as a non-executive director of South Shore Holdings in order to take up a new post as CEO of the Ho Tram Project in Vietnam. Until a year ago, Power had served as CEO of South Shore Holdings, owner and operator of The 13 Hotel in Macau. The Ho […]

South Shore seeks stay from bank

South Shore Holdings, the owner of Macau’s luxury The 13 Hotel, is seeking a standstill agreement from a lender, which has demanded full repayment of a loan facility and interest after the company failed to make a payment. 

South Shore reports widened loss in six months to Sept 30

South Shore Holdings Limited, operator of Macao luxury hotel The 13, reported a 15 percent widened loss for the six months ended Sept 30, despite a rise in revenue. Loss attributable to owners of the company reached HK$507 million, mainly due to an increase in finance costs, depreciation and amortization charges and hotel operation expenses […]

South Shore sells aggregate 50 percent interest in The 13

South Shore Holdings has announced that it has found three companies that have agreed to acquire an aggregate 50 percent interest in its luxury hotel The 13. The announcement follows nearly 10 months of talks with investors – which South Shore said would help reduce debt associated with the development of The 13, which opened […]