News Column

Alpha Real Trust Profit Increases As Revaluation Losses Narrow

June 20, 2014

Anthony Tshibangu

LONDON (Alliance News) - Property investors Alpha Real Trust Ltd Friday reported an increase in profit for the full year, as the size of its investment portfolio grew.

The Guernsey-based company posted pretax profit of GBP1.6 million for the year to March 31 from GBP420,000, while total income, which incorporates revenue and revaluations, rose to GBP7.6 million from GBP6.1 million a year earlier. Total income rose despite a dip in revenue to GBP8.2 million from GBP8.4 million because revaluation losses narrowed to GBP658,000 from GBP2.3 million a year earlier.

Adjusted earnings per share, which includes adjustments for the effect of the fair value revaluations of investment properties, rose to 5.3 pence from 5.0 pence.

However, Alpha Real Trust said its net asset value per share fell to 107.0 pence from 107.6 pence.

Alpha Real Trust said it had an active year undertaking new investments by expanding its high-yield debt portfolio, continuing its programme of recycling of capital from non-core investments and securing the benefits of active management in directly and indirectly held assets. The company's property investments include the H20 shopping centre in Madrid and the Cambourne Business Park in Cambridge.

Looking ahead it said it is actively seeking to increase the yield of its portfolio by enhanced performance from existing investments and by additional investment, funded from its cash and liquid holdings and capital recycling.

The company said it will pay a dividend of 0.525 pence making a total dividend of 2.1 pence for the year. In the previous year, the company paid a maiden dividend of 1.05 pence.

Alpha Real Trust shares were untraded Friday; they were last quoted at 54.40 pence.

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Source: Alliance News

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