LONDON (dpa-AFX) - UK Commercial Property REIT Limited (UKCM.L) on Thursday reported net profit of 236.23 million pounds or 18.18p per share for the full year compared with loss of 10.28 million pounds or 0.79p per share in the previous year. The company reported gains on investment properties compared to loss last year.
UKCM posted gains on investment properties of 201.75 million pounds for the year compared with loss of 45.49 million pounds last year.
EPRA earnings per share declined to 2.65p compared with 2.71p a year ago, as earnings were impacted by the timing of transactions with rent reduced through strategic sales in late 2020 / early 2021 and reinvestment during the final third of 2021, the company said.
Rental income for the year declined to 58.31 million pounds from 64.66 million pounds last year.
The company's net asset value was 1.3 billion pounds as at 31 December 2021, up from 1.1 billion pounds a year ago.
Net asset value per share increased to 102.0p from 86.7p last year.
Looking forward, Ken McCullagh, Director of the company said, 'The expected UK commercial property trends show UKCM to be in an excellent position, with its significant holdings in the sectors, and sub-sectors, that are expected to remain amongst the best performing. The Company has further available resources, with scope to increase gearing and a strong pipeline of developments which are due to complete in 2022 and enhance earnings further.'
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