15th Oct 2014 13:51
LONDON (Alliance News) - VinaLand Ltd Wednesday posted a slight decline in net asset value per share in the full year to end-June.
The Vietnam focused real estate investment company posted a net asset value per share of USD0.92 as at June 30, compared to USD0.93 a year before.
VinaLand posted a pretax loss of USD32.4 million, narrowed from a loss of USD131.6 million the year before, despite revenue falling to USD41.1 million from USD67.4 million, as it posted a lower loss on fair value of its investment properties.
The company said whilst optimism in the Vietnamese real estate market had continued to grow during the year, real estate valuations have not seen a notable upward adjustment.
VinaLand said it is nearing the end of the second year of its three-year realisation strategy. It has sold its stake in six projects for combined net proceeds of USD31.4 million, which it said is 11% above the combined net asset value of USD28.1 million of the projects at their respective times of divestment.
During the year it repurchased and cancelled 22.2 million shares, an increase from 10.1 million in the previous year.
The company said it remains highly focussed on fulfilling the objectives set for its three-year cash return period.
Shares in VinaLand are trading down 1.4% at USD0.550 Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
VNL.L