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Panther Securities swings to loss as property valuations fall
StockMarketWire.com
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Real estate investor Panther Securities swung to a first-half loss after the value of its properties fell amid the Covid-19 crisis.
Pre-tax losses for the six months through June amounted to $10.3 million, compared to a profit of $0.89 million year-on-year. Revenue fell 2.7% to $6.8 million.
Panther Securities said the downward adjustment to its portfolio value reflected the 'Covid factor' problems affecting the entire business community.
The fall in rental income, it added, was mostly due to the sudden administration of the Beales group before the Covid-19 lockdown was announced.
'I suspect our second-half rental income will be further impacted by the concessions we have given to our tenants who were badly affected by the enforced closure of their businesses,' chairman Andrew S Perloff said.
'We believe about 42% of our tenants, by total income, were not affected by the enforced closures and indeed some have been busier as they were providing the vital services communities rely upon.'
At 9:27am: (LON:PNS) Panther Securities PLC share price was -30p at 195p
Story provided by StockMarketWire.com
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