(Alliance News) - Capital & Counties Properties PLC said on Tuesday its interim loss shrank as trading conditions remained uninterrupted by coronavirus.
For six months to June 30, pretax loss narrowed to GBP5.7 million from GBP105.3 million in the prior year.
The London-based property firm made a loss related to fair value of financial assets, amounting to GBP90.2 million, compared to GBP500,000 previously.
Net rental income rose by 33% to GBP28.0 million from GBP21.0 million, aided by uninterrupted trading conditions. The company faced lockdown restrictions aimed at controlling Covid-19 infections.
The group's investments are primarily focused on London's West End, a total of 97%, with the Covent Garden portfolio representing 76% and the investment in Shaftesbury PLC shares accounting for 21% of the aggregate asset value.
The company declared an interim dividend of 0.8 pence, up from 0.5 pence.
Basic loss per share slipped to 1.3p from 12.2p, with a loss falling to GBP11.2 million from GBP104.1 million.
Capco expects to complete its merger with Shaftesbury PLC by end of this year. Last month, Capco and Shaftesbury agreed the final terms of their all-share merger to create a central London-focused property investor with a combined portfolio value of GBP5.0 billion.
Looking ahead, Capco said there was strong operational momentum at Covent Garden, with demand across all uses. It warned that there remained macroeconomic and political headwinds and the West End is not completely insulated.
In London early on Tuesday, Capco shares were down 1.2% at 145.30p. In Johannesburg, the stock lost 1.3% at ZAR29.30.
By Artwell Dlamini; artwelldlamini@alliancenews.com
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