Helical Bar posts operating profit

25th Nov 2010 07:20

Property investment firm Helical Bar posted an operating profit for the half year compared to a loss previously, maintained its dividend and is confident investment deals now will provide future trading profits.The group, which has over 1m sq ft of office developments in Central London, said for the six months to 30 September 2010 operating profit was £1.9m compared to a loss of £3.4m a year earlier. Pre-tax losses were reduced to £3.2m during the six months from a loss of £8.8m a year earlier. Net rental income slipped to £8.4m from £8.6m in 2009.Commenting on the results chief executive Michael Slade said, "We believe that the investment and trading deals that we are now finding will provide income surpluses, capital gains and trading profits.""The market today offers us the opportunity to outperform in the future," he added.Helical Bar said its disposals programme was continuing, with £97m of sales of mainly non-income producing assets completed or in solicitors' hands.The interim dividend has been held at 1.75p per share.