The 13 Holdings Limited has released its financial results for the six months to the end of September showing a 29.6% decrease year-on-year in total revenues to $394.47 million while its gross profit improved by 1% to reach just over $14.56 million.

The developer behind the high-end The 13 hotel  being constructed on a 65,000 sq ft site in Coloane adjacent to the Cotai Strip district of Macau, The 13 Holdings Limited explained that its six-month profit had increased as it had not repeated one-time expenses that had been recorded last year while its revenues had been impacted by a shrinkage in work orders for its construction unit.

Hong Kong-listed The 13 Holdings Limited declared that the $928.15 million The 13, which is set to be one of the world’s most expensive hotels-per-key ever constructed, is expected to open during the first quarter of 2017 and will “generate strong cash flows for the benefit of all shareholders” in due course.

The 13 Holdings Limited stated that the value of The 13, which already has over 300 employees, had swelled by $137.29 million since the start of the year and that it had drawn about $388.92 million from a six-year loan with a $392.53 million facility issued by a mainland China bank.

“We also recorded approximately $40.34 million deposits paid for acquisition of fixture, furniture and equipment for hotel operations as at September 30, 2016,” read the Hong Kong filing from The 13 Holdings Limited. “Construction of the hotel is nearing completion and going through the process of various government inspections in anticipation of obtaining the occupation permit by the end of the fourth quarter of 2016.”

For the half-year, The 13 Holdings Limited recorded a net loss of $3.6 million, which is a considerable improvement on the $19.07 million recorded for the same period in 2015, while the total value of its assets stood at $1.73 billion.