28th Feb 2014 14:35
LONDON (Alliance News) - Macau Property Opportunities Fund Ltd Friday said as its nest asset value per share "rose to a new high" as profit increased significantly for the half-year.
The company, which develops and invests in property in Macau and China's Pearl River Delta, posted profit of USD36.4 million for the six month end-December, up from USD3.2 million a year earlier.
Macau Property said its adjusted net asset value (NAV) rose to USD4.95 from USD3.19 in 2012.
The adjusted NAV per share is arrived at by dividing the adjusted net asset value as at the date of the consolidated statement of financial position, by the number of shares in issue at that date.
Overall, the company portfolio is valued at USD565.0 million, up from USD452.9 million in June while its loan-to-value ratio stands at 22% up from 20%.
The company said occupancy rates have stabilised above 90% at its luxury residential site, The Waterside, with average rental rates rising above 5.7% over the period to USD3.04 per square feet monthly.
At the company's low density residential site, The Fountainside, a sales permit has been recovered allowing the final sales phase, consisting of 14 standard units, two duplex units and four villa to be launched.
Looking ahead, Macau Property said shareholders will be asked to approve a number of proposals at a forthcoming extraordinary general meeting including the distribution of around USD29 million or USD0.35 per share, representing the entire net profit generated by the sale of the company's Zhuhai properties.
The company recently sold its APAC Logistics Centre and Cove Residence properties in Zhuhai, China to an unmanned firm for a combined USD64.7 million.
"MPO's adjusted net asset value per share rose to a new high, driven by continued market strength and our asset enhancement and share buy-back programmes, Chairman David Hinde said in statement. "Following the divestment of our Zhuhai properties, we will be recommending a distribution to shareholders."
The stock was trading at 239.25 pence Friday afternoon, up 18.25 pence, or 8.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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