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(Alliance News) - Macau Property Opportunities Fund Ltd on Friday reported a narrowed annual loss as its loss from investment property contracted, but lamented the economic downturn in mainland China.
The Macau, China-focused investor said pretax loss in the financial year to June 30 narrowed to USD13.5 million from USD20.9 million a year prior. Income fell to USD1.1 million from USD2.7 million.
Its net loss from investment property narrowed to USD3.4 million from USD16.4 million.
The company's net asset value per share as at June 30 fell 15% to USD1.06 from USD1.25 a year prior.
Looking ahead, Chair Mark Huntley said: "The recovery of the tourism and gaming markets have both been promising; however, it is also important to restate that we expect that Macau's recovery will not be linear, and that periods of slower activity will be interspersed with increased optimism."
Macau Property Opportunities Fund shares were flat at 46.00 pence each on Friday morning in London.
By Tom Budszus, Alliance News reporter
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