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LondonMetric Property PLC on Wednesday said it turned to a half-year loss in the six months to September 30 despite net rental income growth as it incurred a loss on revaluation of investment properties.
The London-based property investor posted an interim pretax loss of £243.4 million, swung from a profit of £256.6 million a year prior. Meanwhile, EPRA net tangible assets fell 12% to £2.25 billion at September 30 from £2.56 billion at March 31, but was up 16% from £1.95 billion a year ago.
Revenue rose 13% to £71.9 million from £63.7 million a year ago.
Net rental income climbed by 14% to £70.5 million from £61.8 million.
However, it swung to a loss on revaluation of investment properties of £291.7 million, from a gain of £201.2 million a year prior.
The company declared an interim dividend of 4.6 pence per share, up from 4.4p.
Looking ahead, LondonMetric is optimistic: ‘Over the next 12 months we expect market volatility and dislocation to offer up even more opportunities which will allow us, once again, to improve our financial and portfolio metrics. We believe that this is best achieved by investing in the winning sectors, owning the best buildings and focusing on the biggest cities where there is a falling land supply to meet the rapidly changing behaviour and growing expectations of the UK consumer.’
LondonMetric shares were 2.7% lower at 184.90 pence each in London on Wednesday morning.
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