Business
Final Results and Quarterly I
Final Results and Quarterly I.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n RNS Number : 5913K Aseana Properties Limited 22 April 2010 \n \n\nDate: 22 April 2010\nOn behalf of: Aseana Properties Limited\nEmbargoed until: 0700hrs\n \nASEANA PROPERTIES LIMITED\n· FULL YEAR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009\n· QUARTERLY INVESTOR UPDATE\n \nThe Board of Directors (the \"Board\") of Aseana Properties Limited (LSE: ASPL) (the \"Company\"), a property developer in Malaysia and Vietnam is pleased to announce its audited results of the Company and its subsidiaries (the \"Group\" or \"Aseana Properties\") for the year ended 31 December 2009. These results have been audited by the Company's auditors, Mazars LLP, in accordance with International Financial Reporting Standards and the Consolidated Financial Statements according to the IAS Regulations.\n \nFinancial Highlights\n \n· The Group has reassessed its revenue recognition policy and have adopted IFRIC Interpretation 15: Agreements for the Construction of Real Estate which became effective on 1 January 2009. As a result, revenue is now recognised when significant risks and rewards of ownership have been transferred to the purchasers, which is only on completion and delivery of vacant possession of the properties to the purchasers.\n· Group revenue increased by 200% to US$115.25 million (2008: US $38.37 million) which is mainly attributed to the sale of properties in i-ZEN@Kiara I (US$3.9 million), Tiffani by i-ZEN (US$91.9 million) and Sandakan Harbour Square (Phase 2) (US$18.7 million), all located in Malaysia.\n· Net profit before taxation of US$4.3 million (2008: net loss of US$27.4 million). This includes unrealised foreign exchange gain of US$1.9 million (2008: unrealised foreign exchange loss of US$9.9 million); write down of cost of acquisition of Initial Portfolio asset of US$9.3 million (2008: US$4.0 million); and management fees of US$4.2 million (2008: US$4.7 million) based on 2% of the net asset value of the Group.\n· Earnings per share of US Cents 0.37 (2008: loss per share of US cents 10.86).\n· Gross development value of ongoing project totalled US$1.05 billion.\n· The Group's current portfolio of investments includes 13 projects in Kua...