News

MPO announces final results

For the period ended 30 June 2013
Macau Property Opportunities Fund Limited announces its results for the year ended 30 June 2013. 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

Fund performance
  • Adjusted NAV per share rose 31.3% to US$3.95 (260p*) whilst IFRS NAV increased by 19.4% to US$2.60 (171p*) year-on-year.
  • Property portfolio valuation reached US$453 million, up 28% year-on-year.
  • Share price discount to Adjusted NAV per share narrowed from 45% to 41% over the fiscal year and since the period-end has further narrowed to 23% as at 20 September 2013.
* Based on a US Dollar/Sterling exchange rate of 1.521 as at 30 June 2013.
Capital management
  • 12,000,000 shares (c.12% of MPO’s issued share capital), worth US$22.8 million were repurchased at an average price of 121.58p, and subsequently cancelled.
  • Cash balance stood at US$14.8 million as at 30 June 2013, of which US$4.9 million is pledged as collateral for the Company's banking facilities.
  • Since the end of the fiscal year, the Company has extended its loan tenors and improved its covenant and repayment terms, increasing overall debt to US$125.6 million, taking total loan-to-value ratio to 27%.
  OPERATING HIGHLIGHTS
  • The Waterside (luxury residential)
    • Occupancy reached 90% based on total gross floor area, with an average net rent of HK$22.40 per sq ft per month as at 30 June 2013, a 9% increase year-on-year.
  • The Fountainside (low-density residential)
    • Internal fit-out and finishing works are in the final stages and the project’s Sales Permit is expected to be received by end-October 2013, allowing final sales to recommence.
  • The Green House (luxury private home)
    • We expect demand for exclusive private homes in Macau to continue to escalate and believe we can extract further value by retaining the asset.
  • Senado Square (prime retail)
    • Further key approvals have been obtained and construction is expected to begin during 2014 once formal planning consent has been received.
  • Zhuhai projects: APAC Logistic Centre Phase Two (warehousing/logistics) & Cove Residence (entry-level residential)
    • Formal Sale and Purchase Agreement has been entered to divest both properties and the transaction is expected to be completed by end-February 2014.  
Commenting on the period under review, David Hinde, the Company's Chairman, said:
“Last year, I made a strong commitment to accelerating the delivery of value to our shareholders. Since then, we have achieved a record increase in MPO’s portfolio value and Adjusted NAV per share. “I am confident there is more growth to come. Macau has entered the next stage of its continuing transformation into a global entertainment hub. Our portfolio remains very well-positioned.” The Manager will be available to speak to analysts and media. If you would like to arrange a call, please contact Simon Hockridge at MHP Communications on +44 (0) 20 3128 8100 or Simon.Hockridge@mhpc.com.

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