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British Land fiscal 2018 pretax profit up 157% YOY

British Land Co. PLC's pretax profit as measured by International Financial Reporting Standards for the full fiscal year ended March 31 amounted to £501.0 million, a gain of 156.9% from £195.0 million in the year-earlier period.

The company said the increase was primarily due to positive property valuation movement in the period. The positive valuation movement on the company's properties was £346.0 million more than the previous year and the valuation movement on properties held in joint ventures and funds was £145.0 million more than the previous year.

IFRS-measured basic EPS came in at 48.7 pence, an increase of 159% from 18.8 pence in the year-earlier period.

Underlying profit totaled £380.0 million, a decrease of 2.6% from £390.0 million in the year-earlier period. Underlying EPS came in at 37.4 pence, compared to 37.8 pence in the previous fiscal year.

The company attributed the decline in underlying profit to the £1.5 billion worth of net sales of income-producing assets in the last two financial years.

The European Public Real Estate Association-defined net asset value per share during the period rose 5.7% to 967 pence from 915 pence.