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LONDON (Alliance News) - Picton Property Income Ltd on Wednesday said its profit halved in its most recent financial year due to a substantial gain on investment property valuation movements the year prior that didn't repeat.
In its year ended March 31, Picton's pretax profit was GBP31.4 million, less than half its GBP64.7 million profit the year prior. While the company did record a GBP10.9 million gain on investment property valuation movements in its most recent year, this was well below the GBP38.9 million gain the year before.
Moreover, profit on disposal of investment properties also fell to GBP379,000 from GBP2.6 million year-on-year, causing Picton's total profit on investments to drop to GBP11.3 million from GBP41.5 million.
Revenue from properties fell 2.3% to GBP47.7 million from GBP48.8 million. As at March 31, the company's EPRA net asset value per share was 93 pence, up from 90p year-on-year.
Dividends paid in the year were 2.2% higher than the year before at GBP18.9 million in total versus GBP18.5 million, maintained at 3.5 pence per share.
Shares in Picton were up 0.2% at 98.00p on Wednesday afternoon.