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LONDON (Alliance News) - Palace Capital PLC said on Monday saw an improved interim profit and rental income on a higher portfolio value for the period.
The London-focused commercial property investment company reported a net asset value per share of 421 pence per share as at September 30, down from 451p the same date the year before, but up from 415p at the end of March.
Pretax profit rose substantially to GBP8.4 million from GBP4.9 million the year before, on gains on the revaluation of investment properties at GBP3.9 million, up from GBP1.4 million.
Net property income grew to GBP8.1 million from GBP6.5 million the prior year.
Palace Capital's portfolio valuation rose during the period to GBP283.3 million, from GBP276.7 million at the end of March, and from GBP202.8 million at September 30 the year before.
The company declared an interim dividend of 9.5 pence per share, in line with the year before.
"Following a busy 12 months to March 31, where we added significantly to our portfolio with the GBP68 million RT Warren portfolio acquisition, this period has very much been one of consolidation. We have been actively assessing the investment market, but remain resolute in our adherence to our investment strategy and have found it difficult to find value, where an appropriate return can be delivered to our shareholders, in the current market," said Chief Executive Officer Neil Sinclair.
"However, in these somewhat uncertain times we believe there will be opportunities over the coming six months and, with a strong balance sheet, we are well positioned to act when the right opportunity arises," Sinclair added.
Shares in Palace Capital remained flat at 300.00 pence on Monday.
