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Refer also to RNS News services. |
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Company Results Preliminary Statement. The company is incorporated in Bermuda under the Companies Act 1981. The Shares are traded in London. The Company's UK Transfer Agent is IRG plc, Balfour House, 390-398 High Road, Ilford, Essex IG1 1NQ.
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RNS Number:7136O Property Trust (PVT) Holdings Ld 31 July 2000
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Preliminary announcement of results for the year ended 31st March 2000 Chairman's Statement I am pleased to report that the profit before taxation for the year ended 31st March 2000 was approximately #1.8 million, compared with nearly #2.1 million in 1999. The slight fall in profit is a short-term reflection of the regeneration of our property portfolio. The disposal of the entire share capital of Busyglen Ltd, a wholly owned subsidiary, was completed at the beginning of the year. The principal asset of Busyglen was an office building situated in Sheffield which was revalued at #5.3 million on disposal compared with the historical cost of the building of approximately #3.9 million. During the year we completed the purchase of 19 investment properties at an aggregate cost of #20.6 million. They include 12 retail properties totalling approximately 65,000 sq ft let to tenants including Superdrug, Next, Our Price, Imperial Cancer Research, George Oliver (Footwear) plc, Mr Minit plc, Partners Stationers, Papertree Ltd, Bon Marche Ltd, Toni & Guy, Arcadia Group plc, Holland & Barrett, Stead & Simpson and Vision Express, a 13,000 sq ft retail/office building let to Alliance & Leicester, a 14,000 sq ft licenced property let to J.D. Wetherspoon, a 10,000 sq ft office building let to the Secretary of State, 3 warehouse/offices totalling approximately 70,000 sq ft let to tenants including Nottingham County Council and Sumitomo Electric Wiring Systems (Europe) Ltd and a 20,000 sq ft office building in the City of London let to Moorfield Eye Hospital NHS Trust, National Association of Citizens' Advice Bureau and Lion Recruitment Ltd. Together the properties generate an annual rental income of almost #2 million giving an average gross yield of approximately 9.6%. We also completed the disposals of the freehold retail property at Streatham, South London for #3.05 million and the freehold office building at Petersfield for #730,000. Both disposals were in excess of the net book values of the properties. In July and September 1999 respectively, we purchased for cancellation 314,328 Common Shares at 54p each and 82,500 Common Shares at 52p each in accordance with put option agreements entered into in 1997. There are no remainingoption agreements that require the Company to purchase its shares. With China's impending accession to the World Trade Organisation, many international companies are showing a renewed interest in establishing a foothold in China. There is a strong indication of increasing demand for domestic housing. We remain confident that our development project in Guangzhou will be a success. On 3rd July 2000 we announced that contracts had been exchanged for the acquisition of a 10,000 sq ft newly constructed high quality freehold office building at Meridian Business Park, Leicester. Approximately 50% of the property is let to McLean Homes Holdings Ltd for a term of 10 years from 24th May 2000. The net initial rental income is #62,850 per annum representing a gross initial yield of almost 6% on the purchase price of #1,065,000. Completion is expected to take place by 11th August 2000. Our investment properties in the UK have a total book value of approximately #60m and they currently generate an aggregate annual rental income of approximately #5.5 million. Your Directors continue to look to the future with confidence. In view of the size of the Company, the Directors believe the interests of the shareholders are best served by the retention of resources. Accordingly, the payment of a dividend is not recommended. Anthony Cheng Chairman 31st July 2000 Group Profit and Loss Account for the year ended 31st March 2000
Balance Sheets as at 31st March 2000
Net debt at 1 April 1999 (31,892) (37,670) Net debt at 31 March 2000 (43,297) (31,892)
Notes: 1. The figures for the year ended 31st March 2000 shown above are abridged from the Group's full accounts which have not yet been delivered to the Registrar of Companies and which have not yet been reported on the Group's auditors. The unaudited financial information does not constitute full accounts within the meaning of Section 84 of the Bermuda Companies Act 1981. 2. The figures for the year ended 31st March 1999 are an abridged version of the full accounts which received an unqualified auditor's report and have been filed with the Registrar of Companies. 3. The earnings per common share are calculated on the basis of the weighted average of 24,051,452 Common Shares in issue (1999: weighted average 24,010,983) and on the profit after taxation of #1,605,000 (1999: #2,058,000). The options outstanding at 31st March 2000 were issued at a price that is not considered to be dilutive as it is above the average fair value price of the shares for the year. 4. Copies of the Annual Report will be posted to shareholders in due course and will be available at the Company's UK Transfer Agent, IRG plc, Balfour House, 390-398 High Road, Ilford, Essex IG1 1NQ. |
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Ever wish you had not started something? PKM 29th Dec 2000. |
