Grainger plc (GRI.L), a residential property business, Thursday reported profit before tax of 74 million pounds for the first half, compared with loss before tax of 31.2 million pounds in the same period last year, primarily helped by valuation gain on investments.
Net valuation gain on investment property was 28.2 million pounds, compared with a loss of 73.8 million pounds a year ago.
Operating profit increased to 69.3 million pounds from 60.9 million pounds in the prior year.
The company posted net profit of 55.4 million pounds or 7.5p per share compared with net loss of 22 million pounds or 3p per share last year.
Excluding one-time items, adjusted earnings increased to 50.1 million pounds from 44.4 million pounds a year ago.
EPRA earnings were 30.2 million pounds, up from 24.5 million pounds last year.
EPRA NTA per share increased 1% to 300p from 298p a year ago.
Revenue for the period grew to 136.4 million pounds from 113.7 million pounds in the previous year.
Rental income increased 15% year-over-year to 61.3 million pounds.
Grainger has declared an interim dividend of 2.85p per share, up from 2.54p per share last year.
Looking ahead, the company expects to continue strong like-for-like rental growth.
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