Thursday March 27, 12:19 PM
SongBird profits slide
LONDON (ShareCast) - Canary Wharf property owner SongBird Estates (LSE: SBDB.L - news) saw pre-tax profits for the year slide and said the
challenging market conditions have continued into 2008. Pre-tax profit for the year was £182m in comparison with £884.1m last year, which benefited from higher net revaluation gains. Revenue was £624.8m against £436.8m for 2006, with rental income increasing 6.9% to £299.4m. The market value of the property portfolio at 31 December 2007 was £7,274.3m against £7,465.0m at 30 June 2007 and £6,737.4m at 31 December 2006. Net assets fell 1.4% at 31 December 2006 to £2,347.7m after dividends to equity shareholders of £319.7m. "The challenging market conditions experienced in the second half of 2007 have continued into the first three months of 2008 but the high quality of our assets, the low level of vacancy and focus on active asset management mean we look to the future with confidence," said the group. The group said weakness in global financial markets has forced a slowdown in activity in the UK commercial property market, which the group said it has not been immune to. Dividends per share for the year came to 70.5p, compared with 18p last year.
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