19th Nov 2013 14:15
LONDON (Alliance News) - Aseana Properties Limited Tuesday said its losses widened in the nine months to the end of September, as it incurred large financing costs.
In an investor update, the property developer said pretax losses stood at USD17.2 million compared to a USD3.8 million loss a year earlier due to operating losses and financing costs of Four Points by Sheraton Sandakan hotel and shopping complex Harbour Mall Sandakan of USD4.3 million.
In addition, losses increase due to pre-opening expenses, operating loss and financing costs of Aloft Kuala Lumpur Sentral Hotel of USD3.5 million.
Revenue also declined to USD21.0 million from USD26.1 million, which Aseana blamed on the sale of completed properties in SENI Mont' Kiara in Malaysia.
The cash and cash equivalent of the group stood at USD19.1 million at September 30 compared with USD19.7 million at the end of June.
Group borrowings decreased to USD232.5 million, compared with USD237.1 million in June mainly due to progressive repayments of la oan facility for SENI Mont' Kiara.
The stock was trading at 0.441 pence Thursday afternoon, up 0.011 pence or 2.5%.
By Anthony Tshibangu; [email protected];
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