Real Estate Investors (REI) has announced interim results showing a pre-tax profit of £2,000 before taxation for the first six months of this year.
This compares to a loss of £5,000 during the same period last year.
The company owns net assets amounting to £19m, compared to £5.1m at this time in 2004.
Earnings per share have increased from -0.11p to 0.01p.
Chairman John J Jack said: “As the company made a very full statement about its progress in June, I do not propose repeating that information in these Interim results.”
“Since our announcement on 9 June 2005, REI has increased its market capitalisation as a result of an institutional share placing by our brokers, Seymour Pierce Ellis.
“Six million new shares have been issued, raising £600,000 (before expenses) and, as a result, we have further widened our shareholder base.
“We will continue with our successful strategy of acquiring investments by utilising our flexible capital structure, through the issue to vendors of new ordinary shares in REI.”
References: EGi News 16/08/05
