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Daejan Holdings posts H1 profit rise
StockMarketWire.com
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Property investor and developer Daejan Holdings PLC reported first-half profit before tax of £29.3m, up from the previous £16.2m, after accounting for valuation movements in investment properties and financial instruments.
The group said its property portfolio valuation surplus of £20.3m, versus a 2009 £4.6m deficit, arose almost entirely in the UK, with US property values showing no significant overall movement in dollar terms.
Uncertainty continued to dominate the immediate outlook for the property market and the group said that positive movement since end-March might not be continued in the remainder of the financial year.
Contracts for the redevelopment of Africa House, London WC2, had now been signed, with work on site due to start in January and completion scheduled for late 2012.
Basic diluted EPS rose to 125.7p from 70.6p.
An interim dividend of 25p per share will be paid on March 4.
The shares were up 19p at 2,514p.
Story provided by StockMarketWire.com
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