Property firm Blackrock International Land has announced pre-tax profits of €12.2 million in its interim results for the six months to 30 June 2007.

Blackrock made a total investment expenditure of €56.6 million in the period and €209.5 million since it was listed on the stock exchange.

The companies net assets increased to €230.4 million, up by 4.3% in first half 2007 and by 11.2% since May 2006.

Property sales in the period amounted to €27.5 million. Net assets per share at 30 June 2007 were €39.49 cent compared to €35.53 cent on commencement.

-- Advertisement --

Blackrock International Land Chairman, Carl McCann, commented: “Following admission to the Stock Exchange in May 2006, Blackrock has been in operation for just over twelve months. In that period, the company has more than doubled its gross property assets to €410.0 million and increased its net assets by 11.2% to €230.4 million.

"During the first six months of 2007, the Group achieved a satisfactory result, reporting a profit before tax of €12.2 million, including valuation gains, and increasing its net assets by 4.3%.

"The Group’s existing portfolio has significant potential for growth. In addition, we remain on target to achieve our previously stated medium term investment goal of gross property assets of €1 billion by 2011.”

(SP)