(Alliance News) - Malaysian and Vietnam property developer Aseana Properties Ltd on Friday reported a widened loss in the first half, due to the "challenging" conditions in Malaysia.
In the six months to June 30, Aseana recorded a pretax loss of USD5.2 million, widened from the USD4.1 million loss reported the year before.
The widened loss was attributed to operating losses and financing costs of USD1.4 million for City International Hospital, USD600,000 for Four Points by Sheraton Sandakan Hotel and Harbour Mall Sandakan, and USD2.3 million for The RuMa Hotel.
Revenue decline significantly to USD5.7 million from USD15.9 million the year before.
"The first half results are reflective of the challenging market conditions in Malaysia. Nonetheless, the company is working towards improving the operational performance and narrowing the losses of its operating assets. It remains focused on realising the remaining assets in a controlled, orderly and timely manner," said Chair Gerald Ong.
The company's net asset value ended the half at USD132.3 million, 3.0% lower than the USD136.4 million recorded at December 31.
Shares in Aseana Properties were untraded in London on Friday but last closed at USD0.48 each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Aseana Prop. (ASPL)