22nd May 2018 12:42
LONDON (Alliance News) - Conygar Investment Co PLC on Tuesday said it swung to an interim pretax loss after writing down the value of a number of the development projects over the past six months.
The real estate developer reported a significant fall in revenue in the six months to the end of March to GBP612,000 from GBP4.9 million the year before. This was after rental income plunged to GBP536,000 from GBP4.5 million.
The company swung to pretax loss of GBP4.3 million, having had a GBP617,000 profit the prior year.
Conygar highlighted that it saw a paper loss of GBP1.6 million relating to Regional REIT PLC shares, which declined to the period-end but have since recovered. Also Conygar wrote off a total of GBP2.4 million for two of its development projects at Stena Line ports as well as a GBP800,000 investment in the Llandudno Junction project.
"The development pipeline, which is held at cost, presents considerable potential for growth in net asset value per share in the coming years and the team will continue to work hard to deliver these projects," said Chief executive Robert Ware.
Shares in Conygar were trading 0.9% lower at 166.00 pence each on Tuesday.
Related Shares:
Conygar InvRegional Reit