16th Oct 2020 11:02
(Alliance News) - Panther Securities PLC on Friday said it swung to a first half loss, hurt by one-off non-cash costs.
In the six months ended June 30, the property investment firm's revenue slipped 2.7% year-on-year to GBP6.8 million from GBP7.0 million
Panther posted a GBP10.3 million pretax loss, swinging from a GBP885,000 profit a year earlier.
The company booked a GBP6.9 million in costs related to the movement in fair value of investment properties. No such headwinds were reported a year earlier.
The company added that the fall in revenue was due to the administration of department store chain Beales.
"I suspect our second half rental income will be further impacted by the concessions we have given to our tenants who were badly affected by the enforced closure of their businesses. We believe about 42% of our tenants, by total income, were not affected by the enforced closures and indeed some have been busier as they were providing the vital services communities rely upon," Panther added.
"The directors hope to be in a position to be able to declare a 6 pence interim for the year ending 31 December 2020 in February 2021, but such declaration will be subject to gaining a clearer understanding of Covid-19 and its financial effects on our group so there can be no certainty that such a dividend will be declared."
Shares in the company were untraded at 250.00p each in London on Friday morning.
By Eric Cunha; [email protected]
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