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Grit Real Estate profit slumps in H1 on property revaluation losses
StockMarketWire.com
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Real Estate income company Grit reported a sharp decline in first half profit as a pandemic-led hit to the value of its investment properties hurt performance.
For the six months ended 31 December 2020, pre-tax profit fell to $2.6 million from $15.1 million year-on-year, while revenue slipped to $23.6 million from $24.3 million.
Adjusted EPRA earnings per share fell 44%.
Gross rental income remained relatively flat at USD31.62 million, compared with USD31.65 million a year earlier.
The company reported revaluation losses on its properties of $4.3 million compared with a gain of $41.2 million last year.
Rent collection averaged 91.4% over the six month period to 31 December 2020, increasing from 86.0% in the 4 months to 30 June 2020, the company said.
Story provided by StockMarketWire.com
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