31st Mar 2015 14:15
LONDON (Alliance News) - Caledonian Trust PLC Tuesday said its net asset value rose and pretax loss narrowed in the first half of its financial year.
The property investment company reported a pretax loss of GBP187,000 in the six months ended December 31, compared with a GBP262,000 loss a year earlier, as revenue from properties fell to GBP156,000 from GBP177,000.
The trust's net asset value per share rose to 145.6 pence from 143.6 pence at the end of 2013.
"We continue to promote our strategic land sites, some of which are nearly ready for development, provided market conditions continue to improve. In our existing portfolio most development properties are valued at cost, usually based on existing use, and, when these sites obtain consent and are then developed or sold, the considerable upside value will be realised," said the trust.
Caledonian Trust shares were up 0.3% to 153.00 pence per share on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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