(Alliance News) - Property investor Panther Securities PLC said Tuesday profit fell significantly in the first half of 2019, due to an increased deficit on its swap liability, as well as large sales in the prior year.
For the six months to the end of June, pretax profit fell sharply by 92% to GBP885,000 from GBP11.2 million the year before. Profit performance was hurt by a profit from the disposal of investment properties of GBP560,000, compared to GBP6.5 million the prior year.
There was also an increased deficit on Panther's swap liability of GBP1.9 million, with short-term interest and bond interest rates at an all-time low.
Revenue edged marginally downwards to GBP7.0 million from GBP7.1 million the year before.
The company declared an interim dividend of 6.0 pence per share, in line with the year before. Looking ahead, Panther expects to pay no less than 12p per share for 2019, in line with the ordinary share payout in 2018.
Shares in Panther Securities were untraded on Tuesday, last quoted at 370.00 pence in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Panther Securities (PNS)