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 for the hotel segment compared to the prior-year period. 

Revenue increased 16 percent to HK$5.1 billion in the six month period, mainly coming from its management contracting business under PYE, its engineering business. 

Revenue from its hotel business, which includes the hosting of private events, amounted to only HK$19.6 million in the half-year period. 

South Shore noted it had approximately 209 staff by the end of September 30, 2019, and said it has been conducting training exercises to maximize the service levels of the operational team.

Looking ahead, South Shore noted that while the hotel market in Macau looks steady, the overall external economic environment still poses uncertainty. It said it will focus on boosting occupancy and the holding of social events at its hotel this financial year. 

SHARE
Previous articleGovt to ignore gaming equipment reversion clause
Next articleAinsworth FY19 revenue weighed by non-NA revenues

Related Articles

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 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 […]