News

MPO announces Interim Results

For the period ended 31 December 2014
Macau Property Opportunities Fund Limited announces its results for the six months ended 31 December 2014. The Company, which is managed by Sniper Capital Limited, develops and invests in property opportunities in Macau and China’s Pearl River Delta.
FINANCIAL HIGHLIGHTS

  • Property portfolio registered a decline in valuation of 2.1% to US$547.6* million over the period amid a softening of the property market in the wake of China’s anti-graft campaign.
  • Adjusted NAV per share decreased 3.6% to US$4.71 (302p**) whilst IFRS NAV per share fell 9.6% to US$2.48 over the period.
  • 3.6% of MPO’s outstanding issued shares were repurchased and cancelled at a weighted average price of 245.38p.
  • Cash balance stood at US$10.4 million as at 31 December 2014, inclusive of which US$5.8 million in deposits pledged as collateral for banking facilities.
  • Assuming a full drawdown of its committed loan facilities and based on the Company’s portfolio value as at 31 December 2014, MPO’s loan-tovalue ratio is 27.2%.
* Including the new acquisition

** Based on a US Dollar/Sterling exchange rate of 1.710 as at 30 June 2014

OPERATING HIGHLIGHTS

  • The Waterside (luxury residential)
    • Occupancy rates have dipped to 67.2% while rental rates grew from HK$25 to HK$28.50 per square foot, per month.
  • The Fountainside (low-density residential)
    • Since the period end, the property has received its Occupancy Permit, allowing the handover to buyers of the 27 pre-sold units and receipt of final payments, totalling US$19 million, to commence.
  •  Estrada da Penha (luxury private home)
    • A highly complementary acquisition of the property adjoining The Green Housewas completed for HK$182.45 million (US$23.5 million). The two properties will be consolidated into a single, ultra-prime residence spanning over 10,000 square feet.
  • Senado Square (prime retail)
    • Planning approval is still awaited for the project and is now anticipated by early 2016. While the project has been subject to delays due to its scale and location in a sensitive heritage district, significant further value is expected to be unlocked through redevelopment.
Commenting on the period under review, David Hinde, the Company’s Chairman, said:
“Considering the near-term challenges currently being faced by Macau, your Company has delivered a resilient performance for the period.

"We completed a strategic acquisition that we believe will create significant value for our shareholders. We continue to manage our assets at the very highest level of engagement and remain firmly committed to our ongoing share buy-back programme.

"I have every confidence that MPO, with its prime portfolio of assets, will successfully weather this healthy period of consolidation.”

-- Ends --