LONDON (Dow Jones)--U.K. property fund manager First Property Group PLC (FPO.LN) Wednesday posted a 28% fall in fiscal 2010 pretax profit but said its earnings are set to grow again as it invests in its new U.K. commercial property fund. The company, which also invests in Poland, said it expects the value of assets under management to increase by GBP100 million, or 30%, over the next one to two years. First Property said it is still looking to raise more funds to invest in Poland and is in talks with several potential investors, although it said it isn't close to signing any agreements. For the year to March 31, the AIM-listed company posted pretax profit of GBP2.8 million compared with GBP3.9 million in the same period a year earlier. First Property attributed the fall to low interest rates, reduced earnings from First Property Services, and no performance fees in First Property Asset Management. Revenue fell to GBP10.4 million from GBP11.2 million and assets under management fell to GBP300 million from GBP310 million. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com Order free Annual Report for First Property Group plc Visit http://djnweurope.ar.wilink.com/?ticker=GB0004109889 or call +44 (0)208 391 6028 (END) Dow Jones Newswires June 09, 2010 04:15 ET (08:15 GMT)
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