GGRAsia – Louis XIII Holdings narrows losses

Louis XIII Holdings narrows losses

Jun 23, 2014 Newsdesk Latest News, Macau, Top of the deck

Louis XIII Holdings Ltd, the Hong Kong-listed firm that is developing a boutique casino of the same name (pictured in artist’s rendering) on the Cotai-Coloane border in Macau, significantly narrowed its losses for the year to March 31.

The loss attributable to owners of the company was reduced to HK$51 million (US$6.6 million) – an improvement of 387 percent over the prior period.

It recorded turnover of HK$8.58 billion, up 20 percent, and gross profit of HK$289 million. Basic loss per share narrowed by 177 percent, to 12.9 HK cents, while net asset value per share rose 3 percent to HK$8.86.

For the year ended 31 March 2014, the hotel development segment recorded assets of HK$2.95 billion and liabilities of HK$499 million, “mainly the cost of land and hotel under development in Macau and the liability portion of convertible bonds issued for financing the hotel development,” the firm said in a filing to the Hong Kong Stock Exchange.

The group has invested in an operating segment of the hotel operation in Macau with provision of ancillary retail and entertainment facilities. The remaining segments – including other construction projects in Macau – are held under a major subsidiary of the Group, Paul Y. Engineering Group Ltd.

Louis XIII Holdings said in the filing it expects to complete the casino hotel “in the first half of 2016”. It covers an area of 65,000 square feet (6,040 sq. metres).