British Land Company Plc (BLND.L), a British property development and investment firm, on Monday registered a wider pre-tax loss for the first-half of 2023. However, the company posted a rise in revenue.
The company said: “The movement period on period primarily reflects a larger downward valuation movement on the Group’s properties and those of its joint ventures, lower net capital finance income from mark-to-market gains on the derivatives hedging the interest rate on our debt, which is offset by the capital uplift from the surrender premium received at 1 Triton Square.”
For the six-month period to September 30, the real estate investment trust posted a pre-tax loss of 49 million pounds, compared with a restated loss of 20 million pounds, registered for the same period last year.
Underlying pre-tax income moved up to 143 million pounds from previous year’s restated 139 million pounds.
After tax, net loss stood at 61 million pounds or 6.6 pence per share as against last year’s restated loss of 32 million pounds or 3.5 pence per share.
Underlying post-tax income rose to 142 million pounds or 15.2 pence per share from previous year’s restated 138 million pounds or 14.7 pence per share.
Cost stood at 100 million pounds, higher than restated 51 million pounds in 2022.
Valuation movement increased to negative 201 million pounds from last year’s restated negative 189 million pounds.
Revenue was 386 million pounds, up from restated 216 million pounds a year ago.
British Land Company will pay an first-half interim dividend of 12.16 pence per share on January 5, 2024, to shareholders on the register as of November 24, 2023.
Looking ahead, the company said: “In terms of earnings, we remain comfortable with current market expectations for FY24.”
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