Macau Property Opportunities Fund Ltd on Friday reported a narrowed annual loss as its loss from investment property contracted, but lamented the economic downturn in mainland China.

The Macau, China-focused investor said pretax loss in the financial year to June 30 narrowed to $13.5 million from $20.9 million a year prior. Income fell to $1.1 million from $2.7 million.

Its net loss from investment property narrowed to $3.4 million from $16.4 million.

The company’s net asset value per share as at June 30 fell 15% to $1.06 from $1.25 a year prior.

Looking ahead, Chair Mark Huntley said: ‘The recovery of the tourism and gaming markets have both been promising; however, it is also important to restate that we expect that Macau’s recovery will not be linear, and that periods of slower activity will be interspersed with increased optimism.’

Macau Property Opportunities Fund shares were flat at 46.00 pence each on Friday morning in London.

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