Stride profit dented by new fund costs, tax

Stride profit dented by new fund costs, tax
Paul McBeth
Stride Property's first-half profit slipped 7 percent as the property management firm bore the cost of setting up a new industrial property fund and faced a bigger tax bill than the year earlier.  Net profit fell to $37.4 million in the six months ended Sept. 30 from $40.2 million a year earlier. That included a $1.4 million one-off project cost setting up the Industre Property fund with a group of international institutional investors advised by JP Morgan Asset Management. Stride's tax bill was also higher at $7.4 million compared to $3.8 m...

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