Primary Health Properties Plc (PHP.L) or PHP, an investor in primary healthcare facilities of the UK, said Wednesday that IFRS profit for the half year fell to 3.6 million pounds from 39.5 million pounds, while adjusted profit edged up to 46.3 million pounds from 45.9 million pounds last year.
On a per share basis, IFRS earnings slid 90 percent to 0.3 pence from 3.0 pence, but adjusted earnings rose 2.9 percent to 3.5 pence from 3.4 pence last year.
The decline in IFRS earnings reflect non-cashflow losses arising on the valuation of the Group's property portfolio, convertible bond and interest rate derivatives, the company said. Meanwhile, adjusted results reflect the improving organic rental growth from rent reviews and asset management projects, along with increased earnings from PHP Axis's activities in Ireland.
For the first half, net rental income edged up 0.9 percent to 76.2 million pounds from last year's 75.5 million pounds, reflecting 1.0 million pounds of additional income from completed rent reviews and asset management projects and 0.5 million pounds of rent arising from the acquisition of Ballincollig in Ireland in December 2023.
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