LONDON (Alliance News) - Real estate investment trust Highcroft Investments PLC said Thursday it is "happy" with its progress as it posted a rise in interim profit.
In the six months ended June, Highcroft Investments' pretax profit increased 7.7% to GBP2.8 million from GBP2.6 million the year before.
The investment trust's net asset per share increased 2.2% to 1,187 pence per share from 1,161p.
Highcroft's gross rental income increased 9.1% to GBP2.4 million from GBP2.2 million. Net rental income increased 12% to GBP2.4 million from GBP2.1 million.
The company's income increase reflects a full period of income from its Nottingham and St Austell properties bought last year.
Due to the disposals of its Cirencester and Marylebone properties in the period, expenses fell to GBP77,00 from GBP119,000 the year before.
Highcroft Investments is proposing an interim dividend of 18.75 pence, up 15% from the 16.25p paid the year before.
Looking ahead, the company expects its full year results will "continue to reflect the benefits" of its strategy. Highcroft believe the retail environment will likely remain challenging but its asset selection criteria will generate value.
Shares in Highcroft Investments were untraded Thursday but last closed at 931.00 pence each.
