London & Associated Properties has reversed its fortunes, turning an £800,000 loss in 2010 into an £890,000 operating profit after financing charges last year.
Reporting its results for the 12 months to 31 December 2011, the company said operating profit before financing charges were up 10% to £12.2m after a 2% increase in group rental income.
LAP’s total assets remained steady at £289m in 2011 but NAV per share dipped from 87.5p in 2010 to 80.9p last year.
Chief executive John Heller said: “The economic environment continues to be challenging. Against this background, we are pleased to report on another period of satisfactory progress for LAP.
“The quality of our portfolio, particularly our key shopping centres, when combined with our strategic management expertise has protected us from the worst of the property recession.”
