(Alliance News) - TR Property Investment Trust PLC on Friday reported a rise in profit and income despite "challenging market conditions" and lifted its interim dividend in response.
The London-based company said pretax profit from operations totalled GBP209.0 million in the six months that ended September 30, improved 24% from GBP168.9 million a year before.
The total income of the property investor amounted to GBP225.3 million in the half-year period, up 22% from GBP184.3 million a year before.
TR Property attributed this to the post-vaccine recovery across all economies, supply chain disruptions that forced businesses to invest in more storage capability, and a "surprising" surge in domestic leisure that gave hotels and restaurants a boost.
The company's net asset value per share increased 14% to 474.34 pence per share on September 30 from 417.97p per share on March 31.
TR Property declared an interim dividend of 5.30p per share, up 1.9% from 5.20p paid a year before.
The said the proportion of annual income generated in the first half to be significantly ahead of the usual two thirds. It also noted that the second half in the previous year benefited from a "substantial" tax refund that will not be repeated.
The company also cautioned on inflationary pressures, as well as the headwinds that office landlords face from low levels of occupation and a lack of demand in retail property amid a move to online retail fulfilment.
Nevertheless, TR Property said it is confident that revenue will return to pre-pandemic levels over the next few months.
"A good set of results in challenging market conditions. A share price total return of over 22% and an increase in the interim dividend, reflecting our confidence that income will return to pre-pandemic levels over the next 18 months." Chair David Watson commented.
Shares were up 0.5% at 490.18 pence each on Friday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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TR Property Investment Trust (TRY)