Japan Residential Investment Company said annual profits nearly doubled in 2012 as the value of its portfolio of residential property rose.
Profits climbed to £14.7m in 2012 from £7.5m the previous year, driven by a 2.6% growth in its property values in Japan.
The company's investments include a portfolio of residential property located predominantly in Tokyo, Osaka, and Nagoya.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Average occupancy for the financial year improved to 95.2% from 94.9% a year ago.
Gross rental income increased to £19.8m from £19.2m while total debt was reduced to £131m from £133m.
Net asset value was down 2.1% to 69.7p per share as the decline in the Yen was largely offset by valuation gains and retained underlying profit.
"The financial year was distinguished by continued strong operating performance and pronounced value growth in the underlying portfolio," Chairman Raymond Aspey said.
Shares rose 3.70% to 56.00p at 11:56 Tuesday.
RD
-
Bitcoin price one of the most-asked questions on Alexa - here's how to buy the cryptocurrencyAccording to figures from Amazon, which cover September 2023 to November 2024, pop star Taylor Swift and Bitcoin were named among the most popular Alexa queries of 2024
-
Investing for children this Christmas – five ideasIt might not come with a shiny ribbon, but an investment fund could be the gift that keeps on giving. We share five ideas if you are investing for children this Christmas.
