South Shore Holdings Limited – the owner of The 13 Hotel – has reported some HK$473.7 million (US$56.4 million) in net losses for the six month period ended on September 30, the group’s latest financial report reveals.
The company’s directors consider that a sale of the hotel remains of interest to assist in repaying outstanding bank loans and the company will continue with its ‘endeavours to seek prospective buyers for the hotel and execute a sale as soon as possible’.
South Shore currently holds some HK$9.7 billion in liabilities, including HK$4.5 billion in bank loans due within one year.
The 13 Hotel operations were suspended by the group since February of this year, with no revenue reported during the financial year under review.
As of 30 September 2020, the hotel segment recorded total assets of approximately
HK$3.8 billion, including hotel property, property, plant and equipment, right-of-use assets and other assets of the hotel segment, while also holding HK$6.4 billion in total liabilities and HK$513 million in segment losses.
However, South hore noted that the property value had depreciated by HK$136,8 million in the period under review.
South Shore’s management contracting division remained via PYE remained the major contributor of revenue this period, at HK$5.3 billion, with the company’s consolidated revenue decreasing to approximately HK$5 billion.
