27th Aug 2014 10:02
LONDON (Alliance News) - Aseana Properties Ltd Wednesday said it narrowed its losses in the first half, as it continued to deal with operating losses at a number of its hotels and retail malls.
The property developer with hotels and hospitals in Malaysia and Vietnam posted a pretax loss of USD4.8 million for the six months to June 30, compared with a loss of USD13.7 million a year earlier, predominantly due to operating losses and financing costs of Four Points by Sheraton Sandakan Hotel and Harbour Mall Sandakan, totalling USD2.7 million, together with an operating loss and financing cost of City International Hospital of USD4.9 million.
The company, which has been struggling for some time, said revenue rose to USD31.5 million for the six months to June 30 from USD10.2 million a year earlier, which was mainly attributable to the sale of completed units in SENI Mont' Kiara and Tiffani.
Aseana said its net asset value fell to USD154.6 million from USD158.6 million. In turn the net asset value per share fell to USD0.729 per share from USD0.748 per share.
"We are pleased that the results for the first half of 2014 have improved significantly compared to the corresponding period in 2013, despite challenges in the property markets in both Malaysia and Vietnam," Chairman Mohammed Azlan Hashim said in a statement.
"The group will continue to pursue an opportunistic yet cautious approach in managing and realising cash flows from its projects. As we move into the second half of 2014, the group will continue to focus on improving the operation and performance of its key operating assets," he added.
Aseana Properties shares were untraded at 0.440 pence Wednesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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