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Shaftesbury H1 Profit Declines, Net Property Income Up - Quick Facts

Shaftesbury PLC (SHB.L), a real estate investment trust, reported Tuesday that its first-half profit after tax plunged 68.7 percent to 38.7 million pounds from 123.7 million pounds last year. Basic earnings per share declined 69.8 percent to 12.6 pence from 41.7 pence last year.

The company said the decrease was due to a lower combined net revaluation surplus in the current period.

EPRA earnings were 27.3 million pounds, compared to 25 million pounds a year ago. EPRA earnings per share were 8.9 pence, compared to 8.4 pence a year ago.

Net property income went up 5.2% to 48.6 million pounds from last year's 46.2 million pounds, following a 6.4% like-for-like increase in rents receivable.

Further, the Board has declared an interim dividend of 8.7p per share, an increase of 4.8%.

Looking ahead, Brian Bickell, Chief Executive, said, "Whilst macro uncertainties are likely to dominate the national mood for some time to come, we believe the medium to long-term outlook for London and the West End remains strongly positive, driven by their international appeal, broad economic base and dynamism."

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