Capital & Regional announced that its net profit for the first half of the year has decreased compared to the previous year. The company, which operates as a shopping centers investment trust in the U.K., reported a net profit of £6.1 million, down from £26.8 million in the same period last year. The decrease can be attributed to the absence of significant one-off gains that were present in the previous year’s results, amounting to £12.3 million and £6.8 million, respectively.

Despite the decline in net profit, Capital & Regional reported an increase in revenue, which stood at £30.7 million, up from £28.5 million in the previous year.

However, there was a decrease in net rental income, falling from £12.3 million to £11.7 million. This decrease is largely due to the loss of income resulting from a sale made in August 2022.

The net asset value per share as of June 30 fell to 106 pence, marking a decrease from 118 pence.

On a positive note, the board proposed an interim dividend of 2.75 pence per share, an increase from the previous year’s 2.5 pence.

Capital & Regional remains confident in its strong operational performance and the defensive nature of its assets. The company believes that despite current economic uncertainties, its actions taken over the past two years to reposition the company and its balance sheet will allow it to continue performing well.

At 0826 GMT, shares of Capital & Regional remained unchanged at 57.10 pence.

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