15th Sep 2015 09:51
LONDON (Alliance News) - Property investment company Panther Securities PLC on Tuesday said its pretax profit in the six months to the end of June was higher year-on-year, mostly due to gains it made on interest rate swaps in the period.
The group's pretax profit for the half was GBP4.0 million, up from GBP3.3 million a year earlier as it made a GBP2.7 million gain on interest rate swaps, having lost GBP706,000 last year. That offset the effect of the GBP3.0 million gain it made last year on property revaluations, which wasn't repeated.
Revenue for Panther was GBP7.3 million, down from GBP7.5 million a year before, despite rental income rising to GBP6.5 million from GBP6.1 million.
In the half, the company sold a small site in Glasgow but acquire the Beales department store property in Mansfield for GBP2.3 million. It said it is making progress on its UK development properties in Birmingham, Wickford, Sutton and Orpington.
The group will pay out a much higher interim dividend this year of 9.0 pence per share, up from 3.0 pence last year, and said its guidance for total dividend payments this year of 12.0 pence remains intact.
Panther shares were untraded on Tuesday, having last traded at 360.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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