LONDON (dpa-AFX) - British Land Co Plc. (BRLAF, BTLCY, BLND.L) reported Thursday that its fiscal 2018 IFRS profit before tax surged to 501 million pounds from last year's 195 million pounds.
IFRS basic earnings per share were 48.7 pence, compared to 18.8 pence last year.
Underlying profit was 380 million pounds, down 2.6% from 390 million pounds a year ago, following 1.5 billion pounds net sales of income producing assets, in the last two financial years.
Underlying earnings per share dropped 1.1 percent to 37.4 pence from 37.8 pence last year.
EPRA net asset value per share increased by 5.7% to 967 pence, reflecting a portfolio valuation gain of 2.2% on a proportionally consolidated basis and the impact of the £300 million share buyback programme.
Gross rental income dropped to 613 million pounds from 643 million pounds last year. Net rental income dropped to 576 million pounds from 610 million pounds a year ago.
Further, the company announced final dividend of 7.52 pence, resulting in full year dividend of 30.08 pence, up 3.0% with a payout ratio of 80%.
The Board proposed to increase the dividend by 3% in 2018/19 to 31.0 pence per share, with a quarterly dividend of 7.75 pence per share.
Chris Grigg, Chief Executive said, 'Looking forward, we are mindful of the uncertainties. In retail, market conditions are likely to remain challenging.'
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