LONDON (Alliance News) - Aseana Properties Ltd Friday reported a wider loss in the first half of 2015 as its revenue almost halved on poor conditions in the countries in which it operates, and it booked costs and losses in three of its investments.
The property developer which invests in Malaysia and Vietnam said that its pretax loss in the six months to June 30 widened to USD5.1 million from USD4.8 million, as its revenue fell to USD16.9 million from USD31.5 million.
Aseana said that it faced a difficult market due to a slide in crude oil prices and the new tax regime in Malaysia, while it booked financing costs and operating losses from City International Hospital, Sheraton Sandakan Hotel and Harbour Mall Sandakan.
"The first-half 2015 results are reflective of the challenging market conditions in both Malaysia and Vietnam, in particular Malaysia which is currently experiencing a much softer property market due to current economic conditions and the weakening Malaysian ringgit. The company will continue to pursue an opportunistic yet cautious approach in managing and maximising the realisation value of all its assets," Chairman Mohammed Azlan Hashim said in a statement.
Shares in Aseana were untraded on Friday, last quoted at 0.534 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Aseana Prop. (ASPL)