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LONDON (Alliance News) - Macau Property Opportunities Fund Ltd on Monday said the value of its portfolio declined 12.3% to USD405.7 million in the six months ended December 31, amid the slowdown in Macau's economy which affected the property market.
Its adjusted net asset value was USD245.5 million, translating to a per share value of USD3.21, or 218 pence, a decline of 19.1% since June 30.
Under International Financial Reporting Standards, NAV fell by 25.7% to USD115.5 million or USD1.51 per share.
"The past year has been a challenging one for Macau Property Opportunities Fund. Despite having entered a recession, Macau's underlying economic fundamentals remain sound, supported by continuing development of new casinos and public sector infrastructure investment," Chairman Chris Russell said.
"We will maintain the company's focus on asset and cash management to capitalise on a recovery in confidence and transaction volumes when sentiment improves," Russell said.
Shares in Macau Property Opportunities Fund were down 0.4% at 116.50p on Monday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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