Monday, August 08, 2022

South Shore reports widened loss in six months to Sept 30

South Shore Holdings Limited, operator of Macao luxury hotel The 13, reported a 15 percent widened loss for the six months ended Sept 30, despite a rise in revenue.

Loss attributable to owners of the company reached HK$507 million, mainly due to an increase in finance costs, depreciation and amortization charges and hotel operation expenses for the hotel segment compared to the prior-year period. 

Revenue increased 16 percent to HK$5.1 billion in the six month period, mainly coming from its management contracting business under PYE, its engineering business. 

Revenue from its hotel business, which includes the hosting of private events, amounted to only HK$19.6 million in the half-year period. 

South Shore noted it had approximately 209 staff by the end of September 30, 2019, and said it has been conducting training exercises to maximize the service levels of the operational team.

Looking ahead, South Shore noted that while the hotel market in Macau looks steady, the overall external economic environment still poses uncertainty. It said it will focus on boosting occupancy and the holding of social events at its hotel this financial year. 

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