LONDON (Alliance News) - Property investor Daejan Holdings PLC Wednesday reported an increase in profit for its last financial year, as it benefited from valuation gains on its portfolio and higher profits on investment property sales.
The company, which invests in commercial and residential property, posted pretax profit of GBP164.5 million for the year ended March 31, up from GBP111.7 million a year earlier. The company was boosted by revaluation gains of GBP119.7 million, compared with GBP82.7 million a year earlier.
Daejan Holdings also said it made a GBP11.3 million profit on the sale of investment properties compared with GBP6.6 million a year earlier.
Gross rental income crept up to GBP97.8 million, from GBP97.1 million a year earlier.
Despite its strong performance, the company reduced its final dividend to 47 pence per share from 54 pence per share, making a total dividend of 82 pence compared with 79 pence a year earlier.
Daejan Holdings shares were trading up 0.8% at 4,843.52 pence Wednesday morning.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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