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(Alliance News) - Cardiff Property PLC on Tuesday reported a fall in profit during the first half of its current financial year, as wider economic uncertainty drives increased caution in the property market.
The Surrey, England-based property investor and developer said pretax profit in the six months that ended March 31 declined 3.1% to GBP756,000 from GBP780,000 a year prior.
Revenue was down 1.4% to GBP350,000 from GBP355,000 and other operating income decreased 10% to GBP306,000 from GBP341,000. No property sales were completed during the six-month period.
Administrative expenses were reduced by 40% to GBP205,000 from GBP341,000 while its share of Campmoss joint venture results increased 23% to GBP125,000 from GBP102,000.
Net asset value per share at March 31 was 29.72 pence, up 2.7% from 28.93p on March 31, 2024.
"Uncertainty in the UK economy together with recent international events has disrupted the return of confidence to the UK commercial letting and investment property market, including the Thames Valley," said Chair Richard Wollenberg.
"The group's commercial investment property portfolio including Campmoss Property is primarily let and income producing. All residential apartments are let on assured tenancy agreements."
Cardiff Property declared an interim dividend of 7.5p per share, 15% higher on-year from 6.5p.
By Emily Parsons, Alliance News reporter
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