28th Apr 2015 10:26
LONDON (Alliance News) - Aseana Properties Ltd Tuesday said it swung to a profit in 2014 on the back of better revenue driven by good sales at its properties in Malaysia and Vietnam.
The company said its pretax profit was USD15.4 million, compared with an USD18.8 million loss a year earlier, driven by a big rise in revenue to USD85.1 million from USD29.3 million. Its cost of sales in the year was outpaced by the higher revenue, pushing gross profit up to USD33.3 million from USD6.5 million.
Aseana, which invests in the Malaysian and Vietnamese property markets, said the revenue growth was driven by the sale of vacant plots at its International Healthcare Park project in Vietnam and by increased sales level at the SENI Mont' Kiara and Tiffani projects in Malaysia.
The group said its net asset value per share at the end of the year was USD0.757, up from USD0.748 a year earlier.
"The company has continued to make a concerted effort to achieve optimum value for all of its assets despite global economic headwinds and challenging conditions in both the Malaysian and Vietnamese property markets," said Mohammed Azlan Hashim, the company's chairman.
"The company will seek to realise its assets in a controlled, orderly and timely manner, with the objective of achieving a balance between returning cash to the shareholders and maximising the realisation value of the company's assets. The company aims to complete the disposal of its assets by June 2018," Hashim added.
Shares in Aseana were untraded Tuesday, having last traded at 0.450 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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