LONDON (Alliance News) - Daejan Holdings PLC on Wednesday said its pretax profit fell in its recently completed financial year, as the valuation gain made on its investment property came in lower than the year before, but the FTSE 250 property company still hiked its dividend.
Daejan posted a pretax profit of GBP173.2 million for the year ended March 31, down from the GBP277.5 million recorded a year earlier, despite a rise in total rental and related income from its investment properties to GBP138.2 million from GBP129.0 million.
The lower profit was due Daejan's net valuation surplus coming in at GBP117.9 million, down from the GBP229.7 million a year earlier, primarily due to a lower net valuation gain in its UK investment properties. In the UK, Daejan recorded at GBP75.8 million gain, down from the GBP185.4 million posted a year earlier.
However, Daejan said it was recommending a final dividend of 58 pence per share, taking its total dividend to 93.00p per share, up from the 88.00p per share offered a year earlier.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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