Investore Property has reported a profit after income tax of $9.7 million for the six months ended September 30, 2024.
This is a significant improvement compared to the loss of $66.5m in the same period last year.
The increase in profit was attributed to a smaller net reduction in the fair value of investment properties.
However, profit before other expense and income tax was down to $17.1m from $17.6m, mainly due to higher finance expenses.
The company's distributable profit after current income tax was $13.9m, lower than the $15.3m in the previous year, primarily due to the removal of the tax deduction for depreciation on commercial buildings.
Investore's portfolio is valued at $1b, with a high occupancy rate of 99.3% and a long weighted average lease term of 7 years.
The company has declared a dividend of 1.625 cents per share for the quarter ended September 30, 2024.
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