Daejan profits halve but divi inches higher

FTSE 250 property business Daejan more than halved its pre-tax profits for the year ended March 31st but kept investors on side with a total dividend of 76p per share, up 1p on last year's payout. Pre-tax profit declined from £84.4m to £41.8m, gross rental income for the year came in at £92.96m (2011: £88.6m), total rental and related income from investment property was £107.1m (2011: £102.7m), while property operating expenses rose from £60.7m to £68.0m. Net valuation gains on investment property plunged from £52.0m to £15.7m. Earnings per share were 221p, compared to 416p the previous year, while equity shareholder's funds per share were 5,290p, compared to 5,143p in 2011. Cash and cash equivalents at the end of the period was £32.3m compared to £75.3m the same date the previous year. The share price rose 1.42% to 2,789p by 11:19.NR