Property slump hits Helical Bar

26th Nov 2009 07:48

Property developer and investor Helical Bar fell into losses in the six months to September 30 after the sharp downturn in property prices hit the value of its assets.It posted a pre-tax loss of £8.8m, compared with a profit of £12.7m over the same period the previous year. It was hit by a £6.2m writedown in the carrying value of its developmental sites, a net loss on the sale and revaluation of investment properties of £4.4m.However, the company posted a profit of £1.8m excluding these items, compared with £23.9m over the same period the previous year and said that net rental income increased to £8.5m from £8.2m.It keeps its interim dividend at 1.75p.'Since reporting our full year results to shareholders in June 2009, Helical has seen an improvement in the investment market,' chairman Giles Weaver said. 'This is reflected in the valuation of our investment portfolio, externally valued at the half year end for the first time in line with industry practice, where a small surplus in value of £0.1m was achieved.'