16th Mar 2018 15:54
LONDON (Alliance News) - KCR Residential REIT PLC on Friday said lower lease sale and commission income, a large share-based payment charge and sharply higher administrative costs has led to a significantly widened pretax loss for the first half of 2018 financial year.
The real estate investment company reported a pretax loss of GBP1.3 million for the six months to December 31, compared with a pretax loss of GBP415,841 in the year ago period. Revenue fell to GBP142,114 from GBP233,179.
First half administrative expenses jumped to GBP639,727 from GBP348,876. Share based payment charges totaled GBP679,625 versus GBP74,644.
"The group is currently scaling-up its activities such that it can generate a profit and pay a dividend to shareholders," Chairman Michael Davies said.
"The portfolio at December 31 2017 was valued at GBP9.5 million, an increase of GBP2.2 million compared to June 30 2017. The group has grown the portfolio by GBP1.8 million through investment and crystallised value of more than GBP0.5 million through asset management during the six-month period," said Chief Eecutive Dominic White said.
Shares in KCR were trading 1.5% higher at 67.00 pence in afternoon trade.
Related Shares:
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