In line with the Company’s cost-efficiency strategy, a number of initiatives were taken to reduce the cost
of financing such as early repayment of several bank borrowings that bear high interest rates. The Company also consistently raised new financing with more competitive costs. The result of these initiatives was to lower cost of financing to US$71.45 million in 2014 from US$77.06 million in 2013. The Company’s average financing cost in 2014 was 5.3% per annum, down from 5.8% in 2013.