23rd Sep 2022 14:45
KCR Residential REIT PLC - residential-focused real estate investment trust - Posts a lower net asset value per share as it cites inflationary pressures and supply chain disruptions.
NAV per share at June 30 falls to 32.82 pence from 40.18p a year prior.
Meanwhile, pretax loss in the year that ended June 30 narrows to GBP342,081 from GBP924,234 on lower refurbishment costs. Revenue grows 24% to GBP1.3 million from GBP1.0 million. Costs associated with refurbishment of investment properties narrow to GBP101,670 from GBP844,200.
The company does not declare a dividend as it is focused on growing its net asset value per share.
Looking ahead, Executive Director Russell Naylor comments: "Whilst the near-term focus remains on reducing costs and improving the operational performance of the existing assets, the group is continuing to investigate the purchase of residential property assets that are capable of supporting an increasing income yield. To achieve these, the group may be required to raise more capital and it is working closely with funding sources, both equity and debt providers, to achieve this objective."
Current stock price: 14.60 pence, down 2.7% on Friday
12-month change: down 39%
By Tom Budszus; [email protected]
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