13th Mar 2015 10:31
LONDON (Alliance News) - Japan Residential Investment Company Ltd Friday reported a fall in pretax profit for the year to the end of November on the back of lower realised gains made on its property portfolio, but rental income ticked higher and the valuation of its investment portfolio rose.
The Japanese property investor said its pretax profit for the year to November 30 was GBP15.6 million, down from GBP15.9 million a year earlier, primarily due to a fall in realised gains on its property portfolio to GBP843,000 from GBP2.1 million.
Its net rental income increased to GBP13.3 million from GBP12.9 million, despite a fall in its average occupancy rate to 95% for the year from 95.6% in fiscal 2013.
The group net asset value per share fell to 56.1 pence from 58.7 pence due to net foreign exchange losses. In yen terms, its net asset value per share rose 5.7%.
Japan Residential shares were up 2.2% to 56.445 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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