Songbird Estates PLC (SBD.L) friday reported a profit for the full-year versus a loss last year mainly on the back of increased net revaluation movements and lower financing costs.
For the period, the firm posted pre-tax profit of 201.5 million pounds compared with a loss last year of 212.8 million pounds.
Profit after tax for the year was 183.5 million pounds versus a loss last year of 84.1 million pounds. On a per share basis, the firm posted earnings of 15.9 pence as opposed to a loss per share last year of 9 pence.
The company clocked underlying profit before tax of 23.3 million pounds, up from 4.6 million pounds. Adjusted NAV per share for the year was 210 pence compared with 190 pence at December 31, 2011, an increase of 10.5 percent.
Gross development, rental and related income for the year was 361.6 million pounds, up from 352.3 million pounds a year earlier.
Net revaluation movements for the year was 215.7 million pounds, up from 63.7 million pounds last year. Also, the company witnessed net financing costs of 239.9 million pounds, lesser than 491.5 million pounds reported last year.
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