Real Estate Investment Trust Shaftesbury PLC (SHB.L) Tuesday reported a narrower net loss for the year ended September 30, 2009, as property write downs declined considerably from the previous year. Announcing its preliminary results, the company said it witnessed a marked recovery in the capital values of its well-located properties in the second half of the year.
The company said loss before tax for the year narrowed to GBP 58.1 million from GBP 220.9 million in the previous year. Adjusted profit before tax rose 39.2% to GBP 21.3 million from GBP 15.3 million last year.
Loss for the year narrowed to GBP 58.4 million from GBP 216.1 million reported last year. On a per share basis, net loss was 31.3 pence, compared with a loss of 124.6 pence in the prior year. Adjusted earnings per share for the current year amounted to 11.2 pence, compared to 8.5 pence last year.
The previous year's per-share results have been adjusted for the rights issue approved by shareholders on June 5. Shaftesbury announced a 2 for 3 rights issue in May, raising about GBP149 million to fund acquisitions.
Net property income for the year rose to GBP 54.5 million from GBP 51.3 million in the prior year. Revenue from properties for the year grew to GBP 67.8 million from GBP 65.3 million in the prior year.
Operating loss narrowed considerably to GBP0.1 million from GBP176.5 million, as Investment property valuation movements reduced to GBP48.1 million from GBP222.6 million last year.
Adjusted net asset value per share was GBP3.35, compared with GBP 3.76 last year. The company said its portfolio was valued at GBP1.21 billion, reflecting a revaluation deficit of 3.8% over the year. Portfolio estimated rental value or ERV was GBP78.3 million, down GBP1.9 million over the year due to falling office rents.
For Carnaby Street, which represents 37% of Shaftesbury's property assets, capital value return in the year was -3.4%. In Covent Garden, totaling 27% of the company's portfolio, capital value return was -2.3%. Chinatown, representing 26% of the portfolio, reported capital value return of -1.6%.
The company noted that throughout the year the West End economy, on which the company's prosperity depends, has been resilient, with increases in visitor numbers and spending.
John Manser, Chairman of the company, commented, ''The unprecedented turmoil in global financial markets in the first half of our financial year has now subsided, although its impact on the wider economy is still evident...demand for our shops, restaurants and residential accommodation has remained healthy and our rental income continues to grow strongly. Also, with confidence returning to investment markets, we have seen a marked recovery in the capital values of our well located properties in the second half of the year."
The company said that directors recommended a final dividend of 4.75 pence per ordinary share. Based on 226.9 million shares in issue at the end of the year, this represents a distribution of GBP10.8 million. Final dividend distribution last year was GBP 8.1 million, equivalent to 6.0 pence per ordinary share. The reduction in the amount per share reflects the increased number of shares in issue since the recent Rights Issue.
Shaftesbury in May reported a first-half loss of GBP 159.86 million or 117.08 pence per share, compared with a loss of GBP 91.25 million or 67.24 pence per share last year. Pre-tax loss was GBP 159.75 million, wider than GBP 93.56 million in the prior year period. Revenue from properties increased to GBP 36.87 million from GBP 34.44 million a year ago.
SHB.L is currently trading at 381.10 pence, up 12.50 pence or 3.39%, on 87,019 shares.
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