31st Aug 2021 09:55
(Alliance News) - Raven Property Group Ltd on Tuesday said its performance improved in the first half of 2021.
The Russia-focused commercial property investment company said portfolio occupancy stood at 96% as at August 31, up from 93% at June 30 and 94% as at the end of 2020.
An investment property revaluation surplus of GBP29.5 million was recorded for the six months to June 30 versus a revaluation loss of GBP12.5 million a year earlier. Investment property carrying value increased to GBP1.15 billion from GBP1.12 billion at the end of 2020.
Net assets rose in the half-year to GBP264.5 million from GBP233.7 million at the end of 2020 and diluted net asset value per share increased by 25% to 50p as at June 30.
"Rouble rents are rising strongly and property valuations are following in a very tight market," noted Chief Executive Glyn Hirsch.
Net rental and related income, however, slipped to GBP51.9 million from GBP59.6 million year-on-year, but the company recorded pretax profit of GBP49.8 million, swinging from a loss of GBP26.7 million in the first half of 2020.
The company recorded profit of GBP8.9 million on foreign currency movements versus a GBP23.8 million loss the year before. In addition, share of profits of joint ventures totalled GBP2.0 million versus GBP77,000 loss the year prior.
Raven Property shares were trading 11% higher in London on Tuesday at 29.88 pence each, while in Johannesburg, the stock was untraded at ZAR9.50 a share.
By Evelina Grecenko; [email protected]
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