LONDON (Alliance News) - Blackrock North American Income Trust PLC Wednesday said it outperformed its benchmark in the first half of the current financial year as it raised its dividend by almost 10%.
The trust said net assets at the end of the first half to April of GBP90.5 million was 7.7% lower than the GBP98.0 million reported at the end of October 2015, but said the NAV per share was up 6.7% in the same period to 130.07 pence from 122.50 pence.
With income reinvested, the NAV per share rose 8.0%.
"It has been an encouraging start to the year, with your company producing an 8.0% net asset return per share (compared with a return of 7.5% in the Russell 1000 Value Index," said the trust.
Net profit after tax fell 7.4% in the first half to GBP1.9 million from GBP2.1 million whilst earnings per share rose over 12% to 2.55 pence from 2.27 pence.
Blackrock will pay an interim dividend worth 2.30 pence, which is 9.5% higher than a year ago.
The stock closed up 2.6% to 131.29 pence per share on Wednesday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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