Aseana Properties returns to FY pretax profit on much higher revenue

Aseana Properties Ltd swung to a pre-tax profit for the full-year of $16.2m, from a restated loss of $20.7m a year previously.

"It was a productive 2016 year for Aseana Properties with the disposal of the Aloft Hotel Kuala Lumpur and the shares in Nam Long amidst the challenging economic environment, both globally and locally," said chairman Mohammed Azlan Hashim.

He added that 2017 was expected to be another challenging year with the general business conditions affected by economic uncertainty and subdued property market sentiment especially in Malaysia.

"The Board and the Manager remain committed to their efforts in achieving optimum value and performance for the Group's remaining assets in line with the Company's Divestment Investment Policy."

Aseana's revenue for the year more than tripled to $112.5m, up from $30.3m. It recorded an operating profit of $25.3m, from $9.98m.

At 10:35 BST, shares in Aseana Properties were flat at 0.52p each.