Japan Residential Investment Company's profits rise on property values

Japan Residential Investment Company said annual profits nearly doubled in 2012 as the value of its portfolio of residential property rose.

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.

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

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall below £2,000, based on average typical use, from July, for the first time since 2022. We have all the detai…
21 Mar 2023
Where will house prices go in 2023?
House prices

Where will house prices go in 2023?

We explore what could happen to house prices in 2023 as the market continues to slow down.
24 Mar 2023
Can I avoid IHT by stuffing all my money into a pension?
Personal finance

Can I avoid IHT by stuffing all my money into a pension?

The ditching of the lifetime allowance could enable millions of pension savers to avoid inheritance tax. We explain how.
20 Mar 2023