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LONDON (Alliance News) - Cardiff Property PLC reported an increase in pretax profit for its last financial year, boosted by its its holdings in Campmoss Property.
The property investment and development company posted pretax profit of GBP1.3 million for the 12 months ended September 30, up from GBP435,000 a year earlier. This includes a net revaluation deficit of GBP13,000, up from GBP2,000 a year ago.
It was boosted by its 47.6% holding in Campmoss Property Company, a property development and investment company which develops office space for letting. Cardiff said its share of Campmoss's result increased to GBP1.1 million, from just GBP33,000 a year earlier.
However, Cardiff, which operates in the Thames Valley region, saw rental income revenue dip to GBP493,000 from GBP523,000 in 2012, and its own operating profit fell to GBP154,000, from GBP291,000.
Net assets at the year end were GBP16.9 million, up from GBP15.9 million equivalent to 1,277 pence per share, from 1,205 pence.
The board proposed a final dividend of 9.25p a share, up from 9 pence in 2012, making a total dividend for the year of 12.55 pence compared with 12.3 pence a year earlier, an increase of 2%.
The stock was trading at 810.00 pence Thursday afternoon, down 35.00 pence or 4.1%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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