(Alliance News) - Alpha Real Trust Ltd on Friday said it was well equipped to capitalise on new investment opportunities after positive interim performance.
The Guernsey-based property finance investor posted net asset value per share of 208.5 pence at September 30, inching 0.4% higher from 207.7p at March 31.
Pretax profit for the six months to end-September came in at GBP1.7 million, swinging from a loss of GBP771,000 last year. Total income increased to GBP3.0 million from GBP2.7 million.
Operating expenses fell 16% to GBP1.6 million from GBP1.9 million.
Alpha declared a quarterly dividend of 1.0p per share, unchanged from last year.
Chair William Simpson said: "Prior to the emergence of Covid-19, the company had focused on recycling capital into asset backed lending while reducing exposure to development risk. As a result of the uncertainty that characterised the past financial year, ART adopted a cautious approach to new investment and conserved cash. This has served the company well and ART benefits from a robust financial footing that makes it well placed to capitalise on new investment opportunities."
Alpha shares were down 1.8% to 163.00 pence each in London on Friday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Alpha Real (ARTL)