LONDON (Alliance News) - German real-estate investment company Treveria PLC Monday said pretax profit declined in the first half, even as it sold ten properties for just under EUR20 million.
The company posted pretax profit of EUR383,000 for the period ended June 30, down from EUR12.7 million a year earlier. Gross rental income declined by 40% to EUR28.9 million, from EUR47.9 million.
Treveria said during the period ten properties were sold, generating sales proceeds of EUR19.9 million, while one investment property has been notarised for sale, which should generate additional proceeds of EUR0.45 million.
Outside the reporting period, Treveria said one further investment property has been sold, generating sales proceeds of EUR1.9 million and a further two investment properties have been notarised for sale, which should generate proceeds of EUR2.9 million.
The company's net asset value per share declined to 20.10 cents, from 23.28 cents, while the total property portfolio was valued at EUR0.7 billion. This is unchanged from a valuation at the end of December.
Total cash was down to EUR40.6 million, from EUR58.0 million in December.
Treveria shares were trading at 0.07 pence per share, down 9.7%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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