Aseana Leaps Into the Black With 56.8% Increase in Revenues

Aseana Properties (LSE:ASPL) happily released its results for the year ending December 31st, reporting a revenue increase that took the company out of the red. Shares were up over 3% on the LSE at mid-afternoon.

Report Highlights

• Revenues increased 56.8% to $281.1 million. The sale of completed properties and the completion of the SENI Mont’ Kiara project in Kuala Lampur were the big revenue contributors.
• Pre-tax profits came in at $33.1 million. Last year’s result was a loss of ($15.4) million.
• Earnings per share were $0.0756 against a loss per share last year of $0.0951
• Obtained a certificate of occupancy for Phases I & II of the SENI Mont’ Kiara luxury condos, with 78% of the units sold as of March 31, 2012.
• Secured a loan of $43.3 million to finance portions of the development of a new hospital in Ho Chi Minh City.
• Completed construction of the Harbour Mall and the Four Points Sheraton hotel in Sandakan Harbour Square in Malaysia. Operations of these facilities should commence within the next 2 months.

Corporate Comments

Aseana Chairman Mohammed Hashim described the company’s progress saying, “October 2011 saw the completion of SENI Mont’ Kiara, the Group’s largest and most significant project. This has contributed positively to the Company’s results for the financial year ended 31 December 2011. We look forward to the completion of the Harbour Mall Sandakan and Four Points by Sheraton Sandakan hotel (both situated in Sandakan Harbour Square); as well as the office towers and Aloft Kuala Lumpur Sentral hotel, all situated in Malaysia. Over in Vietnam, our maiden project in Vietnam, the 319-bed City International Hospital at the International Hi-Tech Healthcare Park is also expected to be completed by the end of 2012.”

Company Spotlight

Aseana Properties is property developer acquiring, developing, and redeveloping upscale residential, commercial, and hospitality properties located in Vietnam and Malaysia.

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