Nama profits drop
Nama has reported weakening profit of €283m – down from €308m – after impairments in the year to March rose to €914m. The Irish agency said ?it generated €3.5bn in cash from asset disposals in the year to date.
Forestry growth slows
UK forestry returned 15.8% in 2013, slightly down on 18.6% the previous year, according to the IPD UK Annual Forestry Index. A strong performance from the sector has delivered 22.2%, 19.7% and 17.9% over three, five and 10 years.
BoI says no to spec loans
Bank of Ireland is reviewing its development lending policy but has ruled out providing finance for speculative schemes. Head of property finance Paul McDonnell, speaking at EG’s first Dublin Question Time, said the bank would lend only on projects with agreed prelets.?Dublin Question Time, page 60
McKay posts profit rise
South East specialist McKay Securities has revealed a pretax profit surge to £38.3m in the year to 31 March, up from £1.8m the previous year. The rise was due largely to an £18m improvement in the value of interest rate swaps and a 10.2% rise in the value of its portfolio to £254.6m.
Peverel bounces back
Property services group Peverel has cut its debt pile and stabilised turnover. The company reported flat turnover of £72.5m, while earnings increased by £1m ?to £13.1m.
bridget.o’connell@estatesgazette.com
