Aseana Properties — the Channel Islands based developer focused on Vietnam and Malaysia — has blamed its deepening half-year losses on “poor Far East trading conditions”.
The London Stock Exchange-listed company reported a pretax loss in the six months to June of £3.3m, compared to its previous loss of £3.1m. And its revenue almost halved, falling from £20.4m between January and June last year to £10.9m in 2015.
In a statement Aseana said that it faced a difficult market due to a slide in crude oil prices and the new tax regime in Malaysia. The six-month accounts also show the firm booked financing costs and operating losses from its City International Hospital in Hồ Chí Minh city, Vietnam, and the Sheraton Sandakan Hotel and Harbour Mall Sandakan, both in Sabah, Malaysia.
“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,” explained Aseana chairman ,Mohammed Azlan Hashim said in the statement.
“The company will continue to pursue an opportunistic yet cautious approach in managing and maximising the realisation value of all its assets.”
Although it is registered in St Helier, Aseana Properties operates as a property development company mainly in Malaysia and Vietnam. It is involved in the acquisition, development of residential, commercial, hospitality, and healthcare projects. It is also involved in the ownership and operation of hotels, hospitals, and malls, as well as providing a project management service.
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