Investore lifts rent but profit slips

Investore Property Ltd increased net rent but saw its profit decline, both before & after tax, in the September half-year.

Result highlights, issued Monday:

  • Net rent up 9.5% to $24 million ($21.96 million)
  • Pretax profit down 11.1% to $13.1 million ($14.7 million)
  • Comprehensive after-tax income down 12.6% to $9 million ($10.3 million)
  • Basic & diluted earnings/share down 14.2% to 3.81c (4.44c)
  • Net tangible asset backing/share $1.64 ($1.64)
  • Loan:value ratio 42.2%, policy maximum 48%
  • $100 million 6-year bond issued on 18 April
  • $70 million bank debt refinanced, maturity extended to 2022
  • Annual cash dividend guidance of 7.46c/share for year ending 31 March 2019
  • Investment portfolio $740.4 million ($738.3 million)
  • Net assets $426 million ($429.1 million)
  • Occupancy 99.9% (99.9%)
  • Weighted average lease term 12.6 years (13.1 years)
  • 12-month share buyback programme of up to 5% of Investore’s ordinary shares begun, currently paused.

Website: Investore

Attribution: Company release, half-year report.

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