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Property investor KCR Residential REIT posted a full-year loss after a rise in revenue was offset by restructuring expenses.
Pre-tax losses for the year through December amounted to £3.6m, compared to losses of £3.7m on-year. Revenue rose to £1.04m, up from £0.78m.
Net assets rose to £12.1m, up from £9.6m, but the company's net asset value per share dropped to to 44.03p, down from 60.67p, predominantly due to the issue of new shares.
KCR Residential said its performance had been impacted by costs associated with an investment in the company by Torchlight Investment, cancellation of a preference share scheme, balance sheet restructuring, debt refinancing and staff costs.
'Following this investment of time and capital, the recurring corporate and property operating costs are now significantly lower than they have been at any time in KCR's history,' the company said.
'The first half of the current financial year is expected to reflect the outcomes flowing from the significant cost savings made to date with further improvement targeted during the course of the current financial year.'
At 1:38pm: (LON:KCR) KCR Residential Reit PLC share price was 0p at 25p