Aseana Properties, a property developer investing in Malaysia and Vietnam, made a gross loss of USD4.14m in the first six months of 2010, compared with a gross profit of USD2.81m in 2009.

The figure included a loss of USD4.00m from sale of properties in 1 Mont’ Kiara which was entered into in August 2010 and a charge relating to cost of acquisition for the initial portfolio of USD0.73m (2009: USD1.29m).

Aseana’s revenue were USD2.35m in the first half of 2010, down from USD11.23m in 2009.

The company made an unrealised foreign exchange loss of USD4.35m (2009: gain of USD0.25m), attributed to the strengthening of the US dollar.

Operating expenses were USD2.81m (2009: USD1.17m) which included marketing expenses of on-going projects of USD1.70m which were expensed as incurred.

The group NAV was USD192.97m, down from USD202.25m (restated) in 2009.

The realisable net asset value of the group is UD259.22m (2009: USD228.44m (restated)) or USD1.220 per share (2009: USD0.967 per share (restated)).

During the first half the company completed the acquisition of a 70 per cent stake in upmarket residential development at Jalan Kia Peng, Kuala Lumpur.

A sale and purchase agreement was signed to acquire a four-star hotel (under construction and due for completion in 2012) in Kuala Lumpur Sentral.

A sale and purchase agreement was also signed with a wholly owned subsidiary of Ara Asia Dragon Fund to dispose of the office tower and retail mall of the 1 Mont’ Kiara development.

The company partnered with Prupim Vietnam Property Fund to develop the Tan Thuan Dong residential project together with Nam Long Investment.
 
Dato’ Mohammed Azlan bin Hashim, chairman of Aseana, says: "The group is continuing with its current strategy of realising cash flow from projects and repositioning our portfolio to capture the impending recovery and growth of the property markets in Malaysia and Vietnam.”