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South Shore reports US$56m net losses for H1

The 13 Hotel could be sold next year.
The 13 Hotel could be sold next year.

The owner of The 13 Hotel in Macau has revealed its latest financial report.

Macau.- South Shore Holdings, the group that owns The 13 Hotel, has reported HK$473.7m (US$56.4m) in net losses for the six month period ending on September 30.

South Shore’s management contracting division remained the major contributor of revenue during the period at HK$5.3bn. The company’s consolidated revenue decreased to approximately HK$5bn.

The group intends to sell The 13 Hotel, which suspended all operations in February when the Covid-19 pandemic hit the region and has reported no revenue since

The company wants to sell the hotel to repay outstanding bank loans and will continue to seek prospective buyers, it said.

South Shore currently holds HK$9.7bn in liabilities, including HK$4.5bn in bank loans due within one year.

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finance macau