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Student property investor Empiric Student Property halved its dividend after swinging to a loss in the first half of the year.
For the six months ended 30 June 2020, the company reported a pre-tax loss of £14.4m, compared with a profit of £28.8m on-year as revenue fell 5% to £34m.
The loss came as the company suffered a £42m hit from fall in the value of its property portfolio.
The property portfolio was reduced by 2% as a result of CBRE's assumption around income uncertainty in the coming academic year as a result of COVID-19.
The company cut its interim dividend by 50% to 1.25p.
At 10:06am: (LON:ESP) Empiric Student Property Plc share price was +0.75p at 65.85p