25th May 2018 11:13
LONDON (Alliance News) - The Local Shopping REIT PLC said Friday its half-year loss widened as rental income halved following property sales.
For the six months to March end, the real estate investment trust reported pretax loss of GBP2.9 million versus GBP23,000 year-on-year.
Net rental income more than halved to GBP1.1 million from GBP2.4 million in the same period of 2017.
On an adjusted basis, Local Shopping made a GBP140,000 operating profit, down from GBP920,000 in 2017.
During the half-year the company sold 46 properties at an aggregate price of GBP17.3 million, representing a 3.1% discount on the carrying value at the time of sale.
The company expects to sell a further seven properties at a total value of GBP800,000, whose contracts were signed during the recent six-month period.
Local Shopping shares were trading down 6.1% at 31.00 pence.
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