via CAAI
Monday, 20 September 2010 18:37 Catherine James
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”. ...
read the full story in tomorrow’s Phnom Penh Post or see the updated story in online from 3PM UTC/GMT +7 hours. (New York 4AM, Los Angeles 1AM, Chicago 3AM, Paris 10AM, Toronto 4AM, Sydney 6PM, Bejing 4PM, Tokyo 5PM, London 9AM, Johannesburg 10AM, Riyadh 11AM, Mumbai 1:30 PM)
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