LONDON (Alliance News) - Ediston Property Investment Co PLC on Wednesday reported a rise in portfolio value in the first half of 2018 financial year, which pushed net asset value up, though profit slipped on lower revenue.
Net asset value total return was 3.6% at the end of the period with net asset value per share increasing by 1.0% to 112.48p from 111.32p at the end of September.
Share price stood at 109.00p at the end of March, representing a 0.6% discount to the NAV. The stock was trading 0.5% lower on the day at 109.50p per share on Wednesday.
Portfolio value as at the end of March stood at GBP325.4 million, up from GBP173.4 million as at the end of September last year.
The company lifted its interim dividend to 2.81 pence from 2.75p paid in the prior year.
The real estate investment trust posted pretax profit of GBP8.2 million for the six months to the end of March, down from GBP12.6 million profit made the year before. This was on revenue of GBP8.8 million, which also fell from GBP12.2 million.
"The first half of this financial year has been the busiest and most significant period for the company since it was floated in late 2014," said Chairman William Hill.
"The board is confident it has a well-structured portfolio and an investment manager capable of unlocking its potential and identifying new opportunities to grow the company for the benefit of all its shareholders," Hill added.