19th May 2014 11:43
LONDON (Alliance News) - Aseana Properties Ltd Monday said it narrowed its losses in the three months to March 31, as it continued to deal with operating losses at a number of its hotels and retail malls.
In an interim management statement, the property developer with hotels and hospitals in Malaysia and Vietnam, pretax losses for the quarter ended March 31 narrowed to USD2.7 million, compared with a USD5.6 million loss in the corresponding period.
The company has been struggling for some time, and the losses are as a result of the operating losses and financing costs of Four Points By Sheraton Sandakan hotel and Harbour Mall Sandakan.
Last month the company posted a pretax net loss of USD18.8 million for 2013, widened down from losses of USD16.6 million in 2012, as net finances costs more than doubled during the period to USD9.3 million from USD4.0 million.
During the recent three-month period revenue rose to USD13.9 million from USD2.8 million a year earlier, which was mainly attributable to the sale of completed properties in SENI Mont Kiara, Malaysia.
At the period-end, Aseana said its net asset value per share increased slightly to USD0.749 from USD0.748 at December 31.
The cash and cash equivalents of the group stood at USD25.23 million at 31 March 2014, down from USD24.58 million.
Aseana Properties shares were trading up 2.5% at USD0.41 Monday afternoon.
By Anthony Tshibangu; [email protected];
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