15th May 2014 13:46
LONDON (Alliance News) - Real NewRiver Retail Ltd Thursday reported an increase in profit for the full-year, boosted by income from joint ventures and property disposals.
The real estate investment trust which specialises in retail property posted pretax profit of GBP23.1 million for the period ended March 31, up from GBP1.5 million a year earlier. Profit was boosted by a GBP18.8 million gain from joint venture income compared with a GBP624,000 loss a year ago. The company also made a GBP2.0 million profit on the sale of investment properties compared with a GBP811,00 profit a year earlier.
Gross property income crept up to GBP18.2 million from GBP18.0 million in the corresponding period.
At the period-end NewRiver said its net asset value per share amounted to 240 pence unchanged from a year earlier, however excluding the payment of a special interim dividend of 10 pence per share the company's net asset value per share would have increased to 261 pence.
During the year, the company made GBP200 million worth of acquisitions at an average yield of 11%, this included the Hill Street Shopping Centre in Middlesbrough for GBP50 million.
The company paid an interim dividend of 6 pence per share and a special interim dividend of 10 pence per share making a total dividend for the year of 16 pence per share, unchanged from a year ago.
NewRiver Retail shares were quoted up 1.2% at 307 pence Thursday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
NewRiver