LONDON (Alliance News) - Primary healthcare property investors Medicx Fund Ltd said Friday profit more than doubled in the first half, as it benefited from valuation gains on its portfolio.
The company, domiciled in Guernsey, posted pretax profit of GBP8.6 million for the six months ended March 31, up from GBP3.6 million a year earlier, buoyed by valuation gains of GBP4.8 million compared with GBP787,000 a year ago.
Revenue, which mainly consists of rental income, rose to GBP13.9 million from GBP12.2 million a year earlier. Medicx fund said rental income rose 16% on last year with half of this growth from the portfolio acquired in the prior year, and the remainder from the completion of a substantial number of properties under construction and rental uplifts obtained on existing properties.
Medixc said annualised rental roll increased to GBP31.6 million from GBP28.8 million in October 2013. The portfolio was valued at GBP491.4 million.
The firm said its net asset value per share stood at 64.7 million up from 63.1 pence at the end of September.
Looking ahead, the firm said it has a pipeline of identified investment opportunities worth GBP100 million, of which GBP16 million relates to completed assets and GBP84 million relates to forward funding opportunities where it is the preferred investment partner.
The company will pay a quarterly dividend of 1.450 pence, up from 1.425 pence a year earlier. Medicx said total dividends for the full year to September 30 should amount to 5.8 pence, up from 5.7 pence a year earlier.
Medicx shares were quoted up 0.3% at 82.78 pence Friday morning.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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