LONDON (Alliance News) - CH Bailey PLC on Friday said its revenue declined slightly in the first half of its current financial year, while profit improved on higher value of Malta property portfolio.
The AIM-listed property developer said pretax profit in the six months to September 30 rose to GBP591,956 from GBP369,771 reported for the same period a year prior, thanks to the higher investment income.
The growth was driven principally by an improvement in the value of the Malta property portfolio, which grew to GBP1.0 million from GBP616,803.
An increase in property operating costs in Malta, together with costs incurred in providing strategic advice to a potentially complementary hospitality project in Tanzania, pushed administrative expenses up to GBP1.0 million from GBP888,000 year-on-year.
Revenue slipped to GBP2.6 million in the first half from GBP2.7 million the year before.
"We will continue to maintain our market position in Tanzania," said Chairman David Wilkinson.
"Our involvement in new development projects in an advisory capacity will indirectly help our hospitality business and we remain positive in our potential future growth in the country," added Wilkinson.
CH Bailey shares were untraded on Friday, last closing at 90.00 pence each.
