Louis XIII Holdings reduces losses
It recorded a turnover of 1.1 billion, up 20 percent, and a gross profit of 37 million. Basic loss per share narrowed by 177 percent, to 1.68 cents, while net asset value per share rose 3 percent to 1.14 dollars.
For the year ending March 31st 2014, the hotel development segment recorded assets of USD 0.38 billion and liabilities of 64 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 the 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.
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).
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