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(Alliance News) - Macau Property Opportunities Fund Ltd on Thursday reported a double-digit fall in net asset value in the first half of its current financial year.
The investment company said NAV per share as at the end of 2019 was USD1.86, down 12% from USD2.12 reported at the end of June last year.
Macau said its portfolio value declined 4.7% over the six-months to December 31 to USD294.2 million.
Looking ahead, Macau said the recent coronavirus outbreak in China has had a "rapid and significant" negative impact on Macau, affecting the tourism, gaming, hotel, retail and food & beverage sectors.
Despite that, the company said it continues to seek to execute its divestment plan for remaining assets.
At the company's annual general meeting in November, shareholders passed a resolution to extend the company's life by one year until the next continuation vote in late 2020 to permit an orderly divestment of its portfolio.
"The board and the manager will continue to press on with action to divest the remaining property assets, while recognising the uncertain and significant near term challenges created by the coronavirus outbreak," said Chair Mark Huntley.
The stock was trading 1.4% lower in London on Thursday at 105.96p a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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