18th Mar 2014 11:13
LONDON (Alliance News) - Japan Residential Investment Company Ltd Tuesday reported an increase in profit for the full-year, boosted by property sales.
The company, which acquires residential property in Japan, posted pretax profit of GBP15.9 million for the year ended-November 30, 2013, from GBP15.2 million, even though gross rental income fell to GBP16.7 million from GBP19.9 million a year earlier.
Net rental income, which consists of gross rental income and property operating expenses, also fell to GBP12.9 million from GBP15.3 million in 2012. The company blamed the fall on yen weaknesses.
Profit was also boosted by the sale of non-core investment properties which added GBP2.1 million compared with nil a year earlier.
Overall, the firm said average occupancy across its portfolio increased to 95.6% from 95.2%. The company's net asset value per share stood at 58.7 pence down from 69.7 pence.
At the year-end the company's portfolio was valued at GBP203.5 million compared with GBP249.4 million. In yen terms, this represents an increase of JPY1.2 billion over the portfolio valuation a year earlier.
Post the year-end the company purchased eight residential apartment buildings, with a total purchase price of GBP53.1 million.
Looking ahead, the company said it remains focused on achieving its dual mandate of stable income and capital growth and is currently encouraged by progress on both fronts.
The stock was trading at 60.88 pence, up 1.88 pence or 3.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
JRIC.L