26th Nov 2013 14:01
LONDON (Alliance News) - Property company Daejan Holdings PLC Tuesday reported an increase in profit for the first-half after it benefited from a revaluation of its portfolio.
The FTSE 250 company posted pretax profit of GBP76.5 million for the period ended September 30, up from GBP23.3 million a year earlier, after accounting for a net valuation gain on investment properties of GBP47.7 million compared with just GBP11.4 million in 2012.
It also benefited from valuation gains on financial instruments of GBP8.5 million compared with losses of GBP3.0 million a year earlier.
Daejan said total rental and related income from investment properties crept to GBP56.2 million during the period, from GBP53.3 million in the comparable year.
Overall, the company's operations in the UK and US performed strongly.
Daejan said London residential property continues to perform strongly while the residential market in the Home Counties has also seen a pick-up.
"London commercial property has shown signs of yield and rental improvement, though there continues to be pressure on provincial office property, particularly in the secondary market," it said.
The firm also said its New York properties continue to perform well while its portfolio is Boston has seen "encouraging growth."
An interim dividend of 35 pence per share will be paid in March 2014 to shareholders on the register by February 7, 2014. Last year the company paid an interim dividend of 25 pence per share.
The stock was trading at 4,283.00 pence Tuesday afternoon, up 34.00 pence or 0.8%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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