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Circle Property swings to loss in H1 as virus impact dents portfolio value
StockMarketWire.com
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Office property company Circle Property swung to a loss in the first six months of the year as higher rental income was offset by higher costs and a pandemic-led hit to its property portfolio.
For the six months ended 30 September 2020, pre-tax losses were £763,035 compared with a profit of £1.1 million, while income rose to £3.7 million from £3.4 million.
The company reported a loss on revaluation of £2.5 million compared with a loss of £390,279 a year earlier.
Rental receipts were running at an average of 92.5% of rents due for March and June quarters, the company said.
The interim dividend was cut to 2.5 pence from 3.3 pence a share.
'We believe that demand, particularly in good locations in the regions, will rebound after a short-term contraction as a result of Covid-19.' the company said.
At 10:07am: (LON:CRC) Circle Property Plc share price was 0p at 162.5p
Story provided by StockMarketWire.com
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