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Palace Capital PLC on Thursday said it swung to a loss in the first half of its financial year, following a valuation deficit of £15.6 million.
The London-based property investment company reported a pretax loss of £12.4 million in the six months that ended September 30, swung from a profit of £8.0 million the year before, due to higher borrowing costs and the £15.6 million valuation deficit.
Revenue halved to £14.3 million from £29.8 million, as Palace Capital said the commercial property market has been hurt by a lack of investment activity and the downward re-pricing of assets.
Despite falling into loss, Palace Capital said it will pay a 3.75p per share interim dividend in January.
Looking ahead, Palace Capital said its priority is to actively manage its portfolio and further reduce gross debt through selective sales of smaller properties.
Palace Capital shares were down 4.9% to 209.26p at midday on Thursday in London.
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