LONDON (ShareCast) - (Sharecast News) - West End property developer Great Portland Estates swung to a half-year loss after a slump in the plunge in the valuation of its retail portfolio due to the coronavirus restrictions.
The company reported a pre-tax loss of £154.8m, compared with a profit of £44m a year earlier. Net rental income in the six months to September 30 fell to £30.6m from £39.5m a year earlier.

"Given this challenging economic and operational context, we expect capital values and rental levels to decline as London's property markets adjust to a global recession," the company said on Wednesday.

"Despite this backdrop, we remain well placed. Our low financial leverage will enable us to both weather market volatility and take advantage of any dislocation should it arise."

The dividend was unchanged at 4.7p a share. Great Portland's portfolio valuation fell 6.6% to £2.5bn, driven by an 18% plunge in retail, while rental values were down by 3.9%.

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