Louis XIII Holdings revenue up 9 percent, loss down 41 percent

Sunday 21st of June 2015

Louis XIII Holdings Ltd recorded revenue of approximately HK$9.3 billion ($1.2 billion) for the year ended 31 March 2015, a 9 percent increase on the same period the year before, while the loss attributable to owners decreased approximately 41 percent to HK$30 million.

The increase in revenue was a result of “the strong order book on hand,” while the decrease in loss was partly due to an increase in interest income, and reduction in interest expense, resulting from a “strong cash position.” The basic loss per share was 5.5 HK cents.

Gross profit decreased 2 percent to approximately HK$284 million, compared with HK$289 million in 2014, due primarily to a rise in manpower and other construction costs.

The company is building a luxury hotel and entertainment complex that is expected to be completed in mid-2016, on a site of some 65,000 square feet located on the Cotai Strip.

“We have made substantial progress in development of its hotel project during the year ended 31 March 2015. Construction is proceeding on schedule. The superstructure was topped out in early June 2015 and excavation of the basement has been completed. Approximately 89 percent of all construction works have been tendered,” the company said in a filing.

“The directors believe that the completion of the Hotel followed by a fully operational Hotel in Macau with provision of ancillary retail and entertainment facilities will, in due course, generate strong cash flows for the benefit of all shareholders,” the company added.