20th Aug 2014 07:55
LONDON (Alliance News) - Duet Real Estate Finance Ltd Wednesday reported a fall in profit and its net asset value in the first half, as it was hurt by revaluation losses.
The closed-ended investment scheme incorporated in Guernsey posted profit of GBP1.9 million, down from GBP2.8 million a year earlier, as it was hit by GBP1.3 million in valuation losses compared with a GBP120,368 profit in the previous year.
In turn, the company's net asset value per share fell to 78.9 pence from 93.5 pence at the end of December and 98.2 pence in June 2013. The net asset value total return in the period to June 30 was 2.8% compared with 3.8% a year earlier.
Investment income, however, rose to GBP3.6 million from GBP2.8 million.
During the period the company paid a total dividend of 3.90 pence per share, down from 4 pence a year earlier, equating to an annualised yield of 10.3% compared with 8.6% a year earlier.
Since last summer, Duet Real Estate said its Master Fund - European Real Estate Debt Fund LP - has been in its realisation phase and will continue to receive repayments on its loans, sell-off assets, and return capital to the company.
"Your board anticipates that it will deliver on its targeted returns and lead the company to be in a position to make cash distributions in excess of 7% per annum and distribute capital via future B share issues," Duet said in a statement.
The stock was untraded Wednesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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