Pacific Alliance China Land Limited Net Asset Value (4225F)
April 24 2014 - 5:30AM
UK Regulatory
TIDMPACL
RNS Number : 4225F
Pacific Alliance China Land Limited
24 April 2014
24th April, 2014
Pacific Alliance China Land Limited
Pacific Alliance China Land Limited (AIM: PACL) announces that
as at the close of business on 31 March 2014, its unaudited net
asset value ("NAV") per share was US$2.2918.
The NAV decrease of 5.35% this month was largely due to Project
Auspice. The project's NAV fell by 27% quarter-on-quarter, which
was largely attributed to the severe drop in the P/E multiples of
the listed comparables from November 2013 to February 2014, coupled
with a lower net profit against the forecast. It's worthwhile to
note that Auspice still achieved double digit revenue and profit
growth in 2013. However, as the broader market focuses on
residential, it does not recognize a company with a majority of its
revenue coming from its commercial property activities. The Manager
continues to believe that Auspice is one of the best property
companies in China as demonstrated by revenue and profit growth
averaging 64% and 44% respectively per year over the last five
years.
Project Malls dropped by 3.7%, similar to the situation of
Project Auspice, this is resulted from a drop in the P/E multiples
of the listed comparables.
The drop in the NAV of Project Auspice and Project Malls were
partially offset by the reduction in the tax provisions as a result
of the valuation drop.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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