11th Sep 2015 08:02
LONDON (Alliance News) - Public Service Properties Investments Ltd on Friday said its pretax loss narrowed in the first half as it continues to look to sell off its remaining German care home assets and it said it will consider further shareholder distributions later in the year.
In the half, the real estate investment and financing company completed the sale of its UK healthcare sector investments for GBP34.5 million and sold two German care home properties for a total of EUR7.9 million.
The company is now left with four care homes in Germany and is continuing to test the market for the sale of these remaining assets.
The group's pretax loss for the half to the end of June was GBP2.5 million, narrowed from GBP3.7 million a year earlier, as it recorded lower fair value losses on the German care homes of GBP900,000, compared to GBP3.3 million a year earlier, but did book net exchange losses of GBP1.6 million, compared to GBP700,000.
Net asset value per share on June 30 was 49.1 pence, up from 34.6p on December 31. The December figure is stated prior to the company's April share redemption.
"The company has successfully disposed of its entire exposure to the UK care home market and ancillary businesses and a further two of its German care homes in the year to date. The company also returned GBP16.1 million to its shareholders in the first half of the year. While the company continues to test the market for the four remaining German assets, the board will consider making further distributions to shareholders later this year," said Chairman Patrick Hall.
Shares in the fund were up 3.2% to 32.00 pence on Friday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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