Mapeley Ltd. (MAY.L) on Monday reported its unaudited second-quarter report for the three months ended 30 June 2008. The company noted that second-quarter funds from operations or FFO was £18.1 million or 61 pence per share, compared with last year's £13.8 million or 47 pence per share.
Pre-tax loss for the quarter was £26.4 million, compared with profit of £18.9 million in 2007. Quarterly revenue was in line with last year at £101.4 million. The company's NAV per share decreased to £16.17 per share from £17.32 at March end.
Commenting on the results, Jamie Hopkins, Chief Executive of Mapeley, said, "Our solid performance reported at the end of the first quarter has continued throughout the first half of the financial year. We have seen a strong operational performance on the outsourcing contracts and the Direct Property Investments Portfolio and this has left us in a good cash position at the end of the first half. We are declaring a dividend of 47 pence per share for the half year."
Looking ahead, the company noted that market conditions remain challenging, but we expect the Mapeley business model to continue to perform robustly.
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