16th May 2018 10:31
LONDON (Alliance News) - CH Bailey PLC said on Wednesday it has successfully let and revalued the 30 St Barbara Bastion property in Malta.
The property company, with assets in Africa and the Mediterranean basin, let the property for residential use on a 12 month contract and has reclassified as an investment asset rather than a fixed asset.
This led to a revaluation of the property at EUR3.5 million, with an estimated uplift of EUR1.32 million and, for the year to the end of March, net profit from the revaluation is estimated to be EUR1.0 million.
This is in addition to the sale of the 16 Charles Street property in Malta for EUR1.7 million, with both transactions forecast to have a positive impact of GBP2.0 million for CH Bailey's annual pretax profit.
Pretax profit for the year ended March 31, 2017 was GBP408,274, swinging from a loss of GBP398,543.
Shares in CH Bailey were up 7.6% at 104.90 pence on Wednesday.