LONDON (Alliance News) - Macau Property Opportunities Fund Ltd, which is manage by Sniper Capital Ltd, Monday said its unaudited adjusted net asset value per share rose by 1.7% in the first quarter, reaching USD4.97 million at the end of that period.
In a statement, Macau Property Opportunities Fund said the net asset value per share rose to 306 pence, an increase of 7.2% in sterling over the quarter, based on an exchange rate of USD1.62 versus USD1.71 at the end of June.
On the basis of International Financial Reporting Standards, Macau Property Opportunities Fund's NAV fell to USD212.3 million from USD222.9 million over the quarter.
"MPO's adjusted NAV per share continued to grow during the period, partially helped by further opportunistic share repurchases to which the board remains fully committed," Chairman David Hinde said in a statement.
"While recent headlines have highlighted Macau's falling gaming revenues, full-year growth is forecast to be unchanged versus 2013 at a still impressive level of circa USD45 billion," Hinde said. "We continue to view this as a healthy period of consolidation ahead of the next significant phase of casino-resort openings from 2015."
"MPO's high quality portfolio remains well-placed to benefit from what continues to be one of the highest economic growth rates in the world," Hinde added.
Macau Property Opportunities Fund shares were down 1.2% at 237.06 pence on Monday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Macau Property (MPO)