Just looked at the fundamentals for this share and I'm baffled. Now I know I should probably go through tons of RNSs to find out what's what but I'm at work and don't have the time so here's my question:
How is it that in 2013 Revenue was 29.4m and Profit before tax was 34.4? How can Profit be higher than revenue?!
On 24 May 2013 Nectrus Limited, the Company's Investment Manager, acquired 527,000 ordinary shares in UCP at 37.96 pence per Ordinary Share. Following this transaction, Nectrus Limited is interested in 49,042,428 Ordinary Shares, representing 13.62% of UCP's issued share capital.
The company's share of rental income including maintenance charges for the six months was reported at £13.3m, up from £9.9m the previous year. The report comes off the back of increased gain from fair value adjustment on investment property.
Donald Lake, non-Executive Chairman of Unitech said: "During the first half year we have continued to make good progress in letting the space within the company's portfolio and thereby increasing rental income. This is in line with our continued belief that the maximum value for shareholders will be achieved by creating investments which are substantially complete and well-let before we monetize that value.
"I would also like to take this opportunity to thanks Aubrey Adams for his significant contribution to the company over the past five years and to welcome Terry Mahony to the board."
Mahony, a resident of Hong Kong, is also chairman of VinaCapital which is the largest asset management company in Vietnam with three closed ended funds listed on AIM.
Unitech, which focuses on commercial real estate in India, has a market capital of £129m. Its share price dropped 1.37% to 36.00p at 15:20 Wednesday.
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