LONDON (dpa-AFX) - Great Portland Estates plc (GPOR.L) announced results for the group for the year to 31 March 2012 posting a pre-tax profit of 155.2 million pounds, lower than last year.
On a per share basis, earnings dropped year-over-year to 50.2 pence.
Calculated in accordance with the European Public Real Estate Association, or EPRA, pre-tax profit was 17.4 million pounds, down 65.5% from the prior year. As anticipated, the large surrender premium receipts in 2011 have also not been repeated in this financial year.
EPRA NAV grew 11.9% and the property portfolio delivered valuation growth of 9.2%.
Total revenue for the year declined to 57.9 million pounds, while net rental and related income dropped to 45.7 million pounds from a year earlier.
Toby Courtauld, Chief Executive, said,
'We have had a strong year, outperforming the London commercial property market with a record level of leasing, significant development successes, accretive acquisitions, disposals ahead of book value and the efficient replenishment of our financial firepower with new, low-cost debt.
Whilst we can expect further turbulence in the UK and Eurozone economies, conditions in London's property markets, particularly the West End, remain favourable. Tenant demand for new space is trending at the long-run average, with some pockets of strong interest from the likes of the TMT sector, whilst the supply of new space is low...
In this market context, we expect to continue to outperform...'
Further, the Board has declared a final dividend of 5.2 pence per share, which will be paid in July 2012.
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© 2012 AFX News
