LONDON (dpa-AFX) - F&C Commercial Property Trust Ltd. (FCPT.L) reported that its profit before taxation for the six month period ended 30 June 2017 significantly increased to 55.30 million pounds from 15.80 million pounds last year.
Profit for the period was 54.84 million pounds up from 15.68 million pounds in the prior year. Earnings per share grew to 6.9 pence from 2.0 pence last year.
Total income for the period grew to 67.19 million pounds from 27.92 million pounds last year.
The Company's net asset value total return for the six month period ended 30 June 2017 was 5.1 per cent and the ungeared total return from the property portfolio was 5.0 per cent. This compares with a total return of 4.6 per cent from the MSCI Investment Property Databank All Quarterly and Monthly Valued Funds.
The outlook for property continues to be strongly influenced by the Brexit negotiations and it would expect investors to remain cautious and risk averse, and for this to favour core/core plus properties in established locations.
The company noted that the current era of very low interest rates may be drawing to a close, but any increases in official rates are likely to be small and gradual. The timing of this is unknown but expectations of the change could lead to greater focus by investors on yield, the scope to add value to an asset and the resilience and flexibility of the asset over time.
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