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AXA Property Trust Swings To Profit But Warns On Political Risks

LONDON (Alliance News) - AXA Property Trust Ltd on Monday said it swung to profit in the first ...

Alliance News 1 April, 2019 | 11:48AM
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LONDON (Alliance News) - AXA Property Trust Ltd on Monday said it swung to profit in the first half of its current financial year on lower costs.

The investment company reported a 1.4% growth in net asset value per share to 46.07 pence as at December 31 compared to 45.43p recorded at the end of June 2018. AXA's share price at the end of 2018 stood at 36.90p, giving a 20% discount to NAV.

The stock was untraded on Monday, last closing at 36.9p a share.

The company swung to pretax profit of GBP28,000 in the six months to the end of December from GBP543,000 loss a year prior, despite rental income falling by half to GBP376,000 from GBP663,000.

Meanwhile, property operating expenses lowered to GBP70,000 from GBP169,000 a year before. AXA also secured a GBP240,000 gain on property revaluation versus a GBP710,000 loss the year ago.

"We expect political risks to remain elevated as Europe heads into an eventful year; European elections will take place in May and national elections are scheduled in seven member states," the company said in the statement Monday.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
AXA Property Ord 32.33 GBX -0.46 -

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