23rd Mar 2015 10:58
LONDON (Alliance News) - Public Service Properties Investments Ltd on Monday said its net asset value fell in 2014 after the company completed the disposal of its UK healthcare sector investment and said its net loss widened due to fair value losses booked on its German care home portfolio.
Nevertheless, it said it will launch a GBP16 million share buyback.
The real estate investor said its net asset value per share fell to 34.6 pence at the end of December 2014, compared to 49.2 pence at the end of 2013.
In the year, the company sold out of its holdings in the UK healthcare sector, divesting its entire portfolio for GBP34.5 million, and sold off three care home properties in Germany towards the end of the year.
It booked a total net loss from continuing operations of GBP5.7 million, compared to GBP2.1 million a year earlier, driven by a GBP3.2 million writedown on its German care home portfolio, and said its net loss from discontinued operations was GBP9.1 million, compared to GBP4.3 million.
The company said it is continuing to test the market appetite for its remaining Germany healthcare properties.
It is not recommending a dividend for the year but intends to use GBP16 million in cash to buy 67 million shares for cancellation on a pro-rata basis of 23.875 pence per share.
Shares in Public Services Properties were up 0.1% to 23.90 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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