24th Jul 2015 09:53
LONDON (Alliance News) - Japan Residential Investment Co Ltd Friday posted a rise in pretax profit and net asset value per share for its first half.
The company posted a pretax profit of GBP7.5 million for the half year to end-May, up 10% from GBP6.8 million a year before, as broadly flat net rental income of GBP6.6 million was boosted by a higher unrealised valuation gain on investment property.
Japan Residential said its net asset value per share was 56.3 pence at the end of the first half, up modestly from 56.1p at the end of the previous financial year. In yen terms, net asset value per share rose 6.3%.
It proposed an interim distribution of 1.8 pence per share, flat on a year before.
The company is planning a move from AIM to the London Stock Exchange's Main Market. It said its prospects will be enhanced by the move, and that it has made further progress on the process.
"Our disciplined research-driven approach to investing in supply-constrained markets has resulted in a high quality portfolio concentrated primarily in select submarkets of Tokyo, Osaka and Nagoya. Overseen by a strong management team with a well-defined strategy, we are confident that the Fund is well-positioned for continued success going forward," the company said in a statement.
Shares in Japan Residential Investment were up 0.9% at 53.88 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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