24th Apr 2014 13:08
LONDON (Alliance News) - Aseana Properties Ltd Thursday said its losses increased for the full-year, as it was hit by 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 net loss of USD18.8 million for 2013 down from losses of USD16.6 million as net finances costs more than doubled during the period to USD9.3 million from USD4.0 million.
Aseana blamed its performance on the operating losses of its Four Points by Sheraton Sandakan Hotel and Harbour Mall Sandakan which totalled USD5.9 million, pre-opening expenses and operating losses of The Aloft Kuala Lumpur Sentral Hotel and The City International Hospital of USD4.4 million and USD5.9 million, respectively.
Revenue, however, climbed to USD29.3 million from USD23.7 million, which the firm attributed to the increase in sales of completed units at its SENI Mont' Kiara residential development in Malaysia.
Aseana said its net asset value per share fell slightly to USD0.748 from USD0.866. Total assets at the year-end was USD494.8 million, compared with USD409.7 million for 2012, representing an increase of USD85.1 million.The increase was mainly due to an increase in inventories following the completion of Aloft Kuala Lumpur Sentral Hotel and City International Hospital.
Cash and cash equivalents amlounted to USD24.6 million up from USD16.8 million mainly due to higher sales collection for SENI Mont' Kiara in 2013.
Overall, the firm said 2013 was a "milestone year" with the completion of all operating assets in Malasyia, namely Four Points by Sheraton Sandakan Hotel, Harbour Mall Sandakan and Aloft Kuala Lumpur Sentral Hotel and City International Hospital in Vietnam.
However, it said it had experienced some problems at the Harbour Mall Sandakan which was 47.6% tenanted at the period-end a slight increase from 41.9% in the previous year, while the occupancy of Four Points by Sheraton Hotel remained flat at 35.1% at the end of 2013.
Looking ahead, Aseana said it will work closely with the operator and management team of these assets to improve its performance in the coming year.
The stock was trading at 0.410 pence Thursday morning, up 0.002 pence or 0.6%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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