LONDON (dpa-AFX) - Derwent London plc (DLN.L) reported Thursday that its first-half IFRS profit before tax dropped 130.0 million pounds from last year's 134.0 million pounds.
IFRS earnings per share were 117.79 pence, compared to 119.81 pence last year.
The prior year results reflected the receipt of a 15.8 million pounds access rights premium.
Underlying and EPRA earnings were 57.3 million pounds, a decrease of 0.7 percent from last year. Underlying earnings per share were 51.34 pence, down from 51.77 pence in the previous year.
Net property and other income was 88.5 million pounds, lower than prior year's 103.4 million pounds. Net rental income, however, grew 7.1 percent to 86.3 million pounds.
The EPRA net asset value per share increased 2 percent to 3,852 pence as of June 30 from 3,776 pence as of December 31, 2018.
Further, the company raised its interim dividend by 9.9 percent to 21.00 pence, and said it expects a similar level of growth for this year's final dividend.
Looking ahead, the company continues to expect ERV growth on portfolio of +1 percent to -2 percent and for yields to remain firm in 2019.
Separately, Derwent London announced that it has exchanged contracts to sell the freehold of The Buckley Building, 49 Clerkenwell Green EC1 to clients of CBRE Global Investors for 103.0 million pounds before costs.
The disposal price net of costs and potential top-ups is 99.6 million pounds, 4.8 percent above December 2018 book value.
The building was acquired in 2007 and completely refurbished in 2013. The disposal takes the company's total sales so far this year to over 180 million pounds.
In London, Derwent London shares were trading at 2,938 pence, up 1.66 percent.
Copyright RTT News/dpa-AFX
© 2019 AFX News
