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Daejan pre-tax profits fall

25 November 2015 09:36

Daejan Holdings posts a pre-tax profit of £58.9m for the six months to the end of September (2014: £135.5m) after accounting for the net valuation gain on investment properties of £35.5m (2014: £107.9m).

Total rental and related income from investment property was £66.2m against £66.4m a year ago.

Chairman B.S.E. Freshwater said the property portfolio has been valued by the directors based on the recommendations of the group's external advisers. The overall net valuation gain of £35.5 million (2014: £107.9m) reflected the anticipated slowdown in the rates of growth in property values in both the UK and USA and the absence of the one-off benefit to capital values of the letting of Africa House and the Strand Palace rent review which arose last year.

Freshwater added: "Although there appears to have been little movement in gross rental income, once the one-off benefit of £7.9m arising on the settlement last year of a major rent review is eliminated from the comparative figures it can be seen that there has been an underlying increase (before foreign exchange translation gains) of 6.75%."

The underlying profit for the period is £23.5m, down £5.6m on the previous period largely as a result of a lower level of realised disposal profits.

At 9:36am: (LON:DJAN) Daejan Holdings PLC share price was -15p at 6010p

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