LONDON: Real estate investment group Public Service Properties Investment posted a narrower interim pre-tax loss on the back of lower administrative costs.
In the six months to 30 June, the London-listed group posted a pre-tax loss of £2.49m, which was 30.8% narrower than the one recorded in the corresponding period in 2014.
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However, on an after tax basis, the company swung to £2.99m loss from a £0.55m profit in the first half of 2014, while loss for the period from discontinued operations amounted to £0.49m compared with a profit of £4.26m in the previous year.
The group, which completed the disposal of its investment in the UK healthcare sector during the period for approximately £34.5m, said net asset value per share rose 41.9% from 31 December last year.
PSPI added it sold two German care homes for a combined £5.6m and it now owned four care homes in the country, worth a combined £9.7m.
“The company continues to test the market for the four remaining German assets, the board will consider making further distributions to shareholders later this year,” said group chairman Patrick Hall.
PSPI shares were up 3.23% to 32.00p at 0923 BST on Friday.
