South Shore Holdings Limited has reported some HK$1.02 billion (US$131.8 million) in net losses for the financial year ended on March 31, an 83 per cent year-on-year reduction.
The group is responsible for operating The 13 Hotel also reported a 16 per cent year-on-year rise in revenues mainly due to its engineering business operated by PYE, which reported a 17 per cent rise in revenue to some HK$10.9 billion, with some HK$98 million in net profits.
However, South Shore’s revenue of hotel rooms and food & beverage was approximately HK$17 million and HK$12 million, respectively, for the year ended 31 March 2020.
The 13 Hotel closed in Mid-march of this year due to the pandemic and has remained closed since then, with the Cotai property reporting an average occupancy
rate of 37.3 per cent with an average daily room rate at around HK$1,829 in the financial year under review.
South Shore’s hotel segment recorded total liabilities of approximately HK$5.26 billion, which include liability portion of convertible bonds and other bank borrowings for the hotel development, with some HK$994 million in losses reported by the segment.
This month an attempt to sell the ownership of the property for HK$750 million also fell through.