Cardiff Property Company said it was still seeking acquisitions this morning after posting a sharp fall in interim profit.
The group, which specialises in Thames Valley developments, made a profit of £800,000 in the six months to 31 March, down from £1.8m in the same period a year earlier.
Group turnover fell to £1m from £5m, including the groups 48% share of the Campmoss Property Company joint venture.
Net asset value per share climbed to 691p from 636p a year earlier, but the portfolio was not revalued.
Chairman Richard Wollenberg said: “Uncertainty surrounding an economic recovery and fluctuations in interest rates continue to be major factors in determining market movement and I remain, therefore, cautious.
“However, the directors will continue the group’s existing development programme and seek to acquire further property investment and development opportunities.”
Cardiff said investment income and profit from completed developments would be lower this year, principally because the directors took a cautious view of the property market and sold a number of properties at the end of 2001.
EGi News 10/05/02
