28th Aug 2014 11:18
LONDON (Alliance News) - International Public Partnerships Ltd reported Thursday an increase in profit and revenue for the first half, in a period in which it increased its majority owned investments to 81.5% from 79.4% at the end of 2013.
The FTSE 250 infrastructure investment company which invests internationally in public infrastructure projects posted pretax profit of GBP35.9 million for the six months ended June 30, up from GBP30.6 million a year earlier, despite revenue falling to GBP43.8 million from GBP47.6 million.
Revenue was lower due to a net change in fair value of investments profit of GBP13.8 million compared with GBP21.0 million a year earlier.
International Public Partnerships said its net asset value rose to GBP952.1 million at June 30 from GBP935.4 million at the end of December. This represents an increase of 1.5% of net asset value per share to 124.8 pence from 123.0 pence per share at December 31.
Overall, the portfolio was valued at GBP856.2 million at the period-end up from GBP844.4 million in December.
The company said it is targeting a dividend of 6.30 pence per share for the 2014 financial year, with a dividend of 6.45 pence for 2015.
International Public Partnerships shares were quoted up 0.2% at 135.15 pence Thursday midday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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