CLS profit nearly halves

Property investment company CLS said annual pre-tax profit nearly halved after adverse changes in the value of long term interest rate swaps and a lower increase in the value of investment properties than in 2010.

Property investment company CLS said annual pre-tax profit nearly halved after adverse changes in the value of long term interest rate swaps and a lower increase in the value of investment properties than in 2010.

The group, which has a portfolio of £0.9bn properties in London, France, Germany and Sweden, said pre-tax profit slumped to £37.7m for the year ended 31 December 2011 from £70.9m the same time a year earlier.

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