Our strategy is as follows:
- Invest primarily in the high quality residential property market of Macau
- Pursue selective commercial investments to capture expected ancillary service sector growth
| Period End | Title | Format |
|---|---|---|
| 06/04/2010 | Annual Report 2009 |  |
For historical results please visit the News & Reporting section.
| Item | Value |
|---|---|
| Net assets (US$'000) | 142.704 |
| Net assets per share (US$) | 1.22 |
| Total assets (US$'000) | 328,057 |
| Property assets (US$'000) | 282,104 |
| Item | Value |
|---|---|
| Gross rental income (US$'000) | 8,641 |
| Valuation (losses)/gains (US$'000) | 22,219 |
| (Loss)/profit after tax (US$'000) | 15,251 |
| Basic (losses)/earnings per share (US cents per share) | 13.05 |
| Diluted (losses)/earnings per share (US cents per share) | 13.05 |
Business Highlights
8.7% increase in property valuation from a year earlier, on a like-for-like basis
NAV of US$1.22 per share as of 31 December 2009, up 11.9% from the previous year
Profit after tax of US$15.3m; earnings per share of US$0.13 per share, compared to a loss of US$46.5m (US$0.375 per share) for the previous year;
Overall LTV of 49%, excluding cash. AIA Tower, the only property with a covenant on its debt, reporting an LTV of 50%, well within the 70% covenant
Increased rents at AIA Tower in 2009 despite slight reduction in occupancy rate
Implied leverage of 61%, including the Riviera development and its associated payable but excluding cash
Option to obtain a 6-month payment extension secured on the Riviera payable
Nam Van Peninsula now fully divested, with net proceeds, after all costs, of US$8.2m