24th Apr 2014 13:16
LONDON (Alliance News) - London and Associated Properties PLC Thursday reintroduced its dividend despite reporting a fall in pretax profit for the full-year.
The UK shopping centre and Central London retail property specialists posted pretax losses of GBP1.1 million for 2013 down from GBP7.6 million. However, it said if the impact of discontinued operations is excluded, it would have posted a GBP1.6 million profit compared with a GBP5.9 million loss a year earlier.
Gross property income increased to GBP8.2 million from GBP8.1 million. Net revenue from property fell to GBP3.0 million from GBP3.8 million as rental income including share of joint ventures dipped during the period.
Total assets under management totalled GBP277 million, while net assets amounted to GBP54.6 million under EPRA. EPRA is the European Public Real Estate Association, the industry body for European REITs.
The company's net asset value per share increased to 59 pence per share from 55.29 pence per share.
During the period, the company received GBP8.1 million from the sale of a Halifax property it jointly owned with Lloyds Banking Group PLC. Following this sale and a number of others, the company said it is in a stronger financial position for the future.
In addition, it said following the successful re-gearing of its balance sheet and a stronger cash position it has reintroduced its dividend at 0.125 pence per share. Gearing is now 94.1%, down from 180.9% in 2012.
"We hope and expect that dividends will grow in the future as the business makes further tangible progress," it said.
The stock was trading at 48.51 pence Thursday, down 2.99 pence or 5.8%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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