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Irish Residential Properties REIT PLC - Dublin-based real estate investment trust - Reports falling interim profit despite growing revenue, as general and administrative expenses increase. Pretax profit in the half-year to June 30 falls to €22.9 million from €27.4 million a year ago. Revenue grows 6.7% to €42.1 million from €39.4 million. General & administrative expenses however surge 82% to €11.3 million from €6.2 million, offsetting revenue growth.
Proposes dividend of 2.30 euro cents, down 21% from 2.91 a year ago.
‘We are acutely aware that the year ahead will be impacted by inflation and rising cost pressures. Despite these headwinds, we are strongly positioned to meet these challenges and remain confident that we will continue to execute on our vision of building great communities by providing full-service, high-quality, energy-efficient homes to our residents. We look forward to continuing to play an important role in delivering sustainable housing solutions to the Irish market,’ says Chief Executive Officer Margaret Sweeney.
Current stock price: €1.38, down 1.0% on Thursday
12-month change: down 13%
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