In its revenue results for the six months to the year ended September 30 filed with the Hong Kong Stock Exchange after trading hours yesterday, the 13 Holdings Limited noted the ‘estimated timetable’ for the development of the hotel is subject to the ‘successful completion of fund raising’ through a combination of rights issue, the placing of shares, and a bridge loan, totalling some HK$2 billion (US$256.02 million/MOP2.06 billion), as announced on October 20.
In the filing, the company has reported loss attributable to the owners of the company for the period under review of some HK$23 million, noting additionally that it has total borrowings of approximately HK$4.08 billion at the end of the period, of which some HK$4.05 billion are repayable within one year.
Consolidated revenue of the company, including joint operations, slightly increased to HK$3.07 billion from HK$3.05 billion in 2016.
Gross profit increased to some HK$139 million from HK$113 million in 2016, ‘primarily due to gain from final account settlement,’ contributing to an increase of 4.5 per cent in gross profit margin, from 3.7 per cent in 2016.
The company also stated in the filing that it has succeeded to receive deposits of HK$179 million pursuant to the sale and purchase of its construction arm, Paul Y. Engineering Group Limited. In a deal reached on June 28, 2017, The 13 Holdings agreed to dispose of 51.7 per cent interests in PYE for a total consideration of HK$300 million.
Gaming operations
The 13 Holdings Limited noted further in the filing that no formal agreement has been entered into in respect of gaming arrangements between the company and an affiliate of one of the holders of a gaming concession in Macau as at the date of the announcement.
The Memorandum of Understanding (MOU) in relation to the management and operation of a casino proposed to be opened in the hotel has been first agreed on April 16, 2008, and is currently subject to ‘amongst other things, the Licensed Operator obtaining approval from the Macau Government regarding the gaming operation in The 13 Hotel,’ the filing reads.
