London-listed Aseana Properties’ net asset value per share remained virtually unchanged during the first half of the year, at US$0.94 (£0.60) per share, compared with US$0.96 at the end of 2011.
However, the company fell into the red with a pretax loss of US$2.3m. This compares with a US$18.3m profit for the first six months of 2011. The loss is attributable to a “challenging” property markets in Malaysia and Vietnam, especially the high end of the Kuala Lumpur market.
The Southeast Asia-focused developer completed the third phase of Harbour Mall Sandakan and the fourth phase of the Four Points hotel by Sheraton during the period. Both are in Sandakan, Borneo.
Mohammad Azlan Hashim, Aseana’s chairman, said: “The H1 2012 results are reflective of the challenging property markets in both Malaysia and Vietnam, in particular the high-end property market in Kuala Lumpur.
“The recently completed investment properties will need to go through a period of stabilisation before contributing meaningfully to the group’s earnings. However, we are pleased to note that from a liquidity and balance sheet perspective, the company is well positioned to weather these near-term challenges.
“Our development portfolio is also well poised to take advantage of the turnaround of the property markets in the medium term.”
Aseana invests in property in south-east Asia at the pre-development stage.
sophia.furber@estatesgazette.com
