Aseana Properties loss narrows as revenue doubles amid restructuring
Aseana Properties Ltd on Tuesday said its loss narrowed as revenue increased in 2024, despite increased costs.
The Jersey-based property development company focused on Vietnam and Malaysia said its pretax loss slimmed to $5.5 million in 2024 from $10.7 million in the prior year.
Revenue more than doubled to $2.9 million from $1.2 million, while cost of sales multiplied to $4.1 million from $677,000.
Administrative expenses roughly doubled to $2.1 million from $1.1 million, while other operating expenses climbed 23% to $17.2 million from $14.0 million.
The firm made a foreign exchange gain of $3.1 million in 2024, swung from a $2.0 million loss in 2023, helping to aid its bottom line.
The net asset value per share fell to 24 US cents at the end of December, down 25% from 32 US cents a year prior.
Aseana said its projected state of financial position is ‘subject to uncertainty’ as it has not yet received a formal credit-approved letter of offer for new bank loan facilities.
Shares in Aseana Properties were suspended from trading at the start of the month due to the late publication of its 2024 accounts.
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