Shaftesbury Capital Plc (CCPPF), a British property investor and developer, on Wednesday reported a drop in pre-tax income for the first half. However, revenue improved on increased rent receivable.
For the six-month period to June 30, the firm posted a pre-tax income of 86.3 million pounds, lower than 799.1 million pounds in the previous year.
Last year's pre-tax earnings were helped by a gain on bargain purchase of 803.7 million pounds, compared with this year's zero gain on bargain purchase.
Net profit stood at 86.1 million pounds or 4.7 pence per share as against last year's 799.1 million pounds or 54 pence per share.
Underlying earnings, however, moved up to 34.2 million pounds or 1.9 pence per share from 27.5 million pounds or 1.8 pence per share in the previous year.
Operating profit surged to 110.6 million pounds from 40.8 million pounds a year ago.
Revenue was 111.2 million pounds, up from previous year's 82.4 million pounds. This reflects an increased rent receivable of 95.7 million pounds, compared with 73.4 million pounds in 2023. The Board will pay an interim dividend of 1.7 pence per share on October 1, to shareholders on the register as of August 23.
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