Housebuilder, Springfield Properties PLC (SPR.L) Tuesday reported profit before tax of 1.17 million pounds for the first half, significantly lower than 5.92 million pounds in the comparable period last year, mainly on lower revenue as well as higher finance costs.
Excluding one-time items, adjusted profit before tax was 2 million pounds compared with 6.6 million pounds a year ago.
Net profit decreased to 1.19 million pounds or 0.97p per share from 5.02 million pounds or 4.12p per share last year.
Adjusted earnings were 1.88 million pounds or 1.53p per share lower than 5.55 million pounds or 4.55p per share a year ago.
Revenue for the period declined to 121.69 million pounds from 161.93 million pounds in the previous year.
Finance costs were 3.67 million pounds, compared with 1.7 million pounds last year.
Additionally, Springfield said it has decided not to pay dividend, until its bank debt is materially reduced.
Looking ahead, the company said it is on track to report full-year results in line with market expectations.
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