- First half pre-tax loss of £0.65mn
- Investment properties valued at £53.3mn
- Fund interests worth £22.3mn
- Net debt of £22.2mn
A mark down in property valuations rather than a deterioration in trading has led to European property investor and fund manager First Property (FPO:17p) reporting a small first half pre-tax loss and a fall in net asset value (NAV) from £52.5mn to £49.2mn (43.5p).
The group owns seven commercial properties (offices and supermarkets) directly in Poland and Romania which now have a market value of £53.3mn and contributed pre-tax profit of £0.6mn in the six-month period. In March 2023, they had been valued at £54mn.