28th Aug 2015 08:26
LONDON (Alliance News) - London & Associated Properties PLC on Friday reported a narrowed pretax loss in the first half of 2015 as it benefited from strong performances in some of its investments, including Bisichi Mining PLC.
The company, which invests in UK shopping centres and retail property, and also holds an investment in London-listed Bisichi Mining, said that its pretax loss in the half year to June 30 narrowed to GBP131,000 from GBP2.4 million in the first half of 2014, as revenue grew to GBP17.3 million from GBP16.0 million.
London & Associated said that Bisichi contributed GBP0.7 million of profit, swinging from a loss the year before, while property investments in Sheffield and Brixton also performed strongly.
"With the strengthened balance sheet, agreed finance facilities and a strong and increasing tenant base, LAP is in a good position to deliver improving results over the next few years," Chairman Michael Heller and Chief Executive John Heller said in a statement.
Shares in London & Associated were untraded on Friday, last trading at 34.50 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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