LONDON (dpa-AFX) - Property development and investment company Great Portland Estates plc (GPOR.L) Wednesday reported a loss before tax of 164 million pounds for the full year, compared with profit before tax of 166.7 million pounds last year. This was mainly due to a deficit of 145 million pounds from property investment in the latest year compared with a surplus of 107.9 million pounds a year ago.
The company reported a net loss of 163.9 million pounds or 64.8p per share compared with net profit of 167.2 million pounds or 66p per share in the previous year.
EPRA earnings per share declined to 9.5p from 10.8p last year.
Revenue for the year, however, increased to 91.2 million pounds from 84.2 million pounds in the prior-year period, driven primarily by higher rental income. The company said its like-for-like rental income increased by 6.5%.
Great Portland Estates's Board has recommended a final dividend of 7.9p per share, to be paid on July 10 to shareholders on the register on June 2.
Looking forward, the company said, 'We anticipate supportive rental conditions for the best spaces with rents for prime office space likely to rise over the next 12 months by 3.0% to 6.0%. We expect retail rents to grow between 0.0% to 5.0%.'
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2023 AFX News
