FTSE 250 property business Daejan more than halved its pre-tax profits for the year ended March 31st but kept investors on side with a total dividend of 76p per share, up 1p on last year's payout.
Pre-tax profit declined from £84.4m to £41.8m, gross rental income for the year came in at £92.96m (2011: £88.6m), total rental and related income from investment property was £107.1m (2011: £102.7m), while property operating expenses rose from £60.7m to £68.0m.
Net valuation gains on investment property plunged from £52.0m to £15.7m.
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
Earnings per share were 221p, compared to 416p the previous year, while equity shareholder's funds per share were 5,290p, compared to 5,143p in 2011.
Cash and cash equivalents at the end of the period was £32.3m compared to £75.3m the same date the previous year.
The share price rose 1.42% to 2,789p by 11:19.
NR
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
