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 construction group responsible for its 100 percent owned The 13 Hotel in Cotai.
In the company’s hotel segment, revenue of hotel rooms and F&B was approximately HK$17 million and HK$12 million respectively. There was segment loss of approximately HK$994 million for the year.
The 13 Hotel temporarily suspended operations in February due to the Covid-19 pandemic and has remained closed since that time.
AstroPay is the pioneer payment solution for thousands of consumers in Latin America, Asia and Africa, who want to purchase online on international sites, that helps merchants access new markets through its main product, AstroPay Card.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.