25th Nov 2013 09:54
LONDON (Alliance News) - Quintain Estates & Development PLC, the real estate investment trust which has been selling assets to bring down its debt and leave it focused on London, Monday reported that it swung to a profit in the first half of the year, with net debt down sharply and net asset value per share up if the recent disposals are stripped out.
The company reported a pretax profit of GBP7.1 million for the six-months to end-September, compared with a loss of GBP22.5 million a year earlier. Stripping out capital movements, profit fell to GBP3.1 million, from GBP4.6 million, mainly due to the asset sales.
Stripping out recent sales, the company reported net debt of GBP175.3 million, down from GBP443.6 million a year earlier, while net asset value per share rose to 112 pence from 104 pence.
"The actions we have taken to streamline the business have created a company focused on London with a solid financial base and capital to invest," Chief Executive Maxwell James said in a statement.
One of the company's main assets is a recently-opened designer retail outlet at Wembley Park in London. It said the park is now 83% let and attracted 350,000 visitors in its first month.
Quintain Estates shares were flat at 93.5 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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