23rd Nov 2016 07:58
LONDON (Alliance News) - Property investor Daejan Holdings PLC on Wednesday said its pretax profit grew in the first half of its financial year thanks to slightly higher revaluation gains and growth in rental income.
The mid-cap group said it made a pretax profit of GBP65.1 million in the half-year to September 30, up from GBP58.9 million a year before. It booked a revaluation gain of GBP38.6 million on its portfolio in the half, increased from GBP35.5 million a year before.
Total rental and related income from its properties increased to GBP70.2 million from GBP66.2 million a year before, with net rental and related income up to GBP32.2 million from GBP30.9 million.
The group declared a flat interim dividend of 35.00 pence per share.
Daejan, which owns properties in the UK and the US, said it remains too early to form a "balanced judgement" on what impact the UK leaving the European Union will have and said there is also uncertainty in the US in the form of a "new and largely unknown President whose impact on the USA economy and the property sector cannot be foreseen at this stage."
It will continue to focus on its "long-term, low-risk approach to creating growth in net asset value" given this uncertain outlook.
By Sam Unsted; [email protected]; @SamUAtAlliance
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