LONDON (dpa-AFX) - UK Commercial Property REIT Limited (UKCM.L), Which is managed by Aberdeen Standard Investments, reported Thursday that its first-half net profit declined to 21.92 million pounds from last year's 44.29 million pounds. Earnings per share were 1.69 pence, down from 3.41 pence a year earlier.
EPRA earnings per share, however, grew 19 percent to 1.70 pence from last year's 1,43 pence.
The EPRA earnings were boosted by the 85.4 million pounds Midlands industrial portfolio acquisition in December 2018 and the various earnings-accretive asset management initiatives successfully undertaken.
Total income fell to 38.92 million pounds from 66.93 million pounds a year ago. However, rental income grew to 35.78 million pounds from 32.85 million pounds last year.
Andrew Wilson, Chair, said, 'UK Commercial Property REIT Limited continues to make significant progress against a background of political and economic uncertainty...The Company has a prime portfolio that is diversified by both sector and geography, but importantly is overweight in the industrial sector, which is anticipated to be the strongest driver of returns over the next three years.'
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