South Shore increases revenue and reduces losses

The directors of the group did not recommend the payment of any dividend for the year.
The directors of the group did not recommend the payment of any dividend for the year.

The company has reported total revenue of HK$10,899 million (US$1,406 million) for the year ending in March 31.

Macau.- South Shore Holdings has presented financial results for the year ending March 31 showing that it increased revenue and reduced losses.

The operator reported a 16 per cent increase in revenue year-on-year to HK$10,899 million (US$1,406 million).

Gross losses fell by 24 per cent from the previous year and totalled HK$84 million (US$10.83 million).

The hotel side of the business brought in HK$17 million (US$2.19 million) and food and beverage took HK$12 million (US$1.54 million). The average occupancy rate was 37.3 per cent, with an average daily room rate of around HK$1,829 (US$235).

Food and beverages generated loses of around HK$994 million (US$128 million), and the hotel segment lost around HK$146 million (US$18.8 million).

Directors of the group did not recommend the payment of a dividend for the year.

The report notes that results for the hotel and entertainment complex on Macau’s Cotai Strip were impacted by the outbreak of Covid-19 and the shutdown of all casinos in the country for 15 days from mid-March, after which the group decided to close the hotel.

The group said: “visitor arrivals in Macau fell 93.7 per cent year-on-year to 212,300 in March 2020 due to the Covid-19 pandemic.”

It concluded: “Looking ahead, the hotel market in Macau continues to growth steadily but the overall external economic environment is still posing uncertainty including the Covid-19 pandemic, US-China trade tension is expected to continue and raise uncertainty on the political and financial risks in short-term, but it still looks remain optimistic in long-term business.”

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