LONDON (Alliance News) - Law Debenture Corp PLC Wednesday said that its first-half pretax profit fell by about two-thirds primarily as a result of a lower net gain on investments held at fair value through profit or loss.
In a statement, Law Debenture Corp, which is divided into a global investment trust managed by Henderson Global Investors Ltd and independent fiduciary services, said it made a GBP20.7 million pretax profit in the six months ended June 30, compared with GBP63.7 million in the corresponding period a year earlier.
Income, which comes primarily from dividends and independent fiduciary services fees, rose to GBP25.2 million from GBP23.8 million. However, the net gain on investments held at fair value through profit or loss fell to GBP9.3 million from GBP52.7 million.
In the period, Law Debenture's net asset value total return was 3.4%, while that of the FTSE Actuaries All-Share Index was 1.6%.
Law Debenture increased its interim dividend to 4.7 pence from 4.5 pence. The company said that it expects to maintain its final dividend.
Law Debenture shares were Wednesday quoted down 0.5% at 515.50 pence.