TROUBLED Cambodia-Vietnam investment property fund JSM Indochina reported a US$20.7 million net loss for the half-year to June 30, more than double its loss of $9.2 million for the same period last year.
The company had almost no revenue for the first six months, receiving only $263,485 from rental income, according to a report filed with the London Stock Exchange late last week.
Its expenses included $7.6 million in fees to managers, consultants and directors, and a $7.1 “impairment loss” of cash pledged with banks, according to the interim statement.
The London AIM-listed company is currently selling nine properties across Cambodia and Vietnam. The report said JSM shareholders voted on April 27 to change the company’s investing policy to “an orderly realisation of the company's portfolio over the medium term with a view to maximising returns for shareholders”.
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