28th Nov 2018 09:02
LONDON (Alliance News) - LondonMetric Property PLC said Wednesday its profit fell marginally in its most recent half year on a reduced property revaluation and movement in the fair value of derivatives.
The property management company posted a GBP79.3 million profit for the six months to September, slightly below its GBP79.6 million profit a year before.
While property revaluation was the largest single profit contributor at GBP51.0 million, it was GBP1.8 million less than the comparative year-ago period.
The company also recorded a GBP400,000 loss on the fair value of its derivatives, swinging from a GBP10.6 million gain the year before.
Both the reduced revaluation and fair value loss were largely offset by a narrowed GBP2.2 million loss on disposal from GBP6.2 million loss the year prior, as well as a rise in EPRA earnings to GBP30.9 million from GBP28.8 million.
In addition, LondonMetric posted no debt or hedging early close out costs for the first half of its year, having reported GBP6.4 million of such costs the year before.
Net rental income grew to GBP47.1 million from GBP44.5 million year-on-year.
LondonMetric will pay a second quarterly dividend of 1.9 pence per share, bringing the total for the half year period to 3.8p, up from 3.7p year-on-year.
Looking ahead, LondonMetric said that while "wider markets are uncertain" and "a lot of the easy money has been made" it is not pessimistic enough to be defensive.
"We have made some sound decisions and are well positioned with a fit for purpose portfolio," LondonMetric said.
Shares in LondonMetric were down 0.2% at 186.10p on Wednesday.
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