27th Nov 2013 11:04
LONDON (Alliance News) - TR Property Investment Trust PLC Wednesday reported an increase in revenue for the first half, as it outperformed its benchmark index.
The investment company posted revenue of GBP23.9 million for the period ended September 30, up from GBP23.5 million a year earlier, partly driven by the change in the basis of the allocation of management fees and finance costs between the income and capital accounts.
TR Property said shareholders should be mindful that the majority of its revenue from its equity portfolio is earned in the first six months of the year, so the first half figures are not representative of the full year.
Net profit, including both revenue return and capital return, increased to GBP46.9 million from GBP29.7 million a year earlier.
The property investor said its net asset value total return for the six months was 7.0% ahead of the benchmark total return of 5.0%.
The board increased the interim dividend to 2.85 pence, up from 2.65 pence in 2012.
The stock was trading at 227.00 pence Wednesday morning, up 2.00 pence.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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