UK Commercial Property Trust has announced its interim results for the half year ended June 30 2013, and has reported that its net profit was £18.0 million.
In the same period last year, the Guernsey based trust lost £4.42 million. Earnings per share are reported to be 1.50 pence. Last year a loss of 0.37 pence was posted.
In the six months to June 2013, the company delivered a NAV (Net Asset Value) total return of 2.8 per cent. This figure was slightly behind the IPD benchmark, which returned 3.0 per cent over the same period.
The positive return can be attributed to the income generated by the trust’s property portfolio, as well as improving valuations.
Rental income for the period dropped to £35.77 million from last year’s levels of £36.99 million. Total income increased to £30.6 million from £6.21 million the previous year.
The company has stated that its forecast for All Property total returns this year is 7.5 per cent. Its returns will be driven by income, and average capital values which are expected to improve over the next six months.
Offices are expected to provide the strongest performance of all sectors, with industrial and retail following close behind.
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