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The 13 operator reports widened loss in six months


South Shore Holdings Limited, operator of The 13 in Macau, posted a significantly widened loss of HK$433.6 million (US$55.4 million) for the six months ended September 30.

The loss was approximately 18 times over the prior year period, which came in at HK$23 million.

South Shore said this was due mainly to an increase in finance costs, depreciation and amortization charges and hotel operation expenses in its hotel segment.

Consolidated revenue increased to HK$4.4 million, up 44.3 percent year-on-year, due mainly to gains from its engineering business PYE, which it said benefitted from a stable volume of
construction works in the market.

South Shore noted that The 13 Hotel opened on August 31, 2018, and has been accepting private events at the property during the month of September.

Additionally, the group has been conducting training exercises to maximize the service levels of the operational.

There is around 270 staff in the hotel segment as at the end of September 30, it added.

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