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LONDON (Alliance News) - Property investment company Panther Securities PLC said on Wednesday it saw a big profit rise in the first half of 2018, due to investment property disposals and higher revenue.
For the six months to the end of June, pretax profit nearly doubled to GBP11.2 million, from GBP6.7 million the year before, due to a GBP6.5 million profit from the disposal of investment properties and a fair value gain of GBP2.3 million.
During the period, there was the sale of Holloway Head in Birmingham, St Nicholas House in Sutton and Wimbledon Studios.
Revenue was GBP7.1 million, up from GBP6.4 million the prior year on rents receivable, mainly due to Panther's acquisition of shopping centres in Hinckley, Leicestershire and Springburn, a suburb of Glasgow.
Panther Securities declared a dividend per share of 6.00 pence per share, up 20% from 5.00 pence the year before.
"With all the disposals we are in a strong position to weather uncertain economic conditions and able to take advantage of investment opportunities for the long-term benefit of our shareholders," said Chairman Andrew Perloff.
Shares in Panther Securities were untraded on Wednesday, last quoted at 370.00 pence.