28th Mar 2019 14:41
LONDON (Alliance News) - Caledonian Trust PLC on Thursday said it swung to a loss in the first half of its current financial year on the non-repeat of investment gain.
The property investment company posted a pretax loss of GBP43,000 in the six months to the end of December compared to GBP2.8 million profit reported a year earlier, despite revenue tripling to GBP654,000 from GBP208,000.
The company explained it booked a GBP232,000 cost of development property sales, versus none the year prior, while cost of sales jumped to GBP336,000 from GBP84,000.
In addition, in the first half of its financial 2018, the company reported GBP3.0 million gain on revaluation of its investment properties, with no such gain in the recent half-year.
Caledonian Trust's net asset value per share grew marginally during the year to 185.8 pence from 185.7p last year.
"The group's emphasis continues to be on development, including works to secure existing planning consents, the provision of infrastructure for development plots, and the marketing of house plots and houses," said Chair Douglas Lowe.
"In our existing portfolio, most development properties are valued at cost, usually based on existing use, and when these sites are developed or sold, I expect that their considerable upside will be realised," added Lowe.
The stock was untraded on Thursday, last closing at 210.00p a share.
Related Shares:
Caledonian Tst.