31st Mar 2015 14:29
LONDON (Alliance News) - Vinaland Ltd Tuesday said its net asset value fell and its pretax loss widened in the first half of its financial year after the company divested from several projects.
The company said its net asset value at the end of December stood at USD389.3 million, a decrease from USD420.1 million after the real estate development firm decided to divest from several projects resulting in net proceeds of USD30.8 million and a USD6.0 million reduction in the company's consolidated debt.
The net asset value per share fell to USD0.90 from USD0.92 at the end of 2013.
In the six-month period, Vinaland said it generated USD8.6 million in revenue, significantly down from USD24.3 million a year earlier, causing its pretax loss to widen to USD20.6 million from USD17.7 million a year earlier.
Vinaland shares were down 0.2% to 0.515 pence per share on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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