The 13 on track for Q1 opening; group loss narrows

The 13 Holdings, which is developing an ultra high-end hotel in Macau, reported revenue  in the six months to September fell 30 percent, though its loss for the quarter narrowed.

The group posted revenue of HK$3.06 billion ($394 million), down from $4.35 billion the year earlier. The loss came in at $3.1 a share compared with a loss of $16.3 a share the year earlier.

The company said its loss narrowed as one-time expenses recorded last year weren’t repeated. Revenue fell due to a shrinkage of work orders at its Macau construction unit.

The group said it’s nearing completion on the Macau property, which is now scheduled to open in the first quarter of next year.

“The directors believe that the completion and opening of Hotel with provision of ancillary facilities will, in due course, generate strong cash flows for the benefit of all shareholders,” the company said in its earnings release.

The value of the hotel under development asset was recorded at $7.2 billion as of the end of September, an increase of $1.1 billion over the past six months.

In September 2016, THE 13 was named as one of the “finest design innovations of 1996-2016” in the 20th anniversary edition of Wallpaper. It is one of the most expensive hotels per key ever constructed.