StockMarketWire.com - Property investor Palace Capital booked a lower first-half profit due to lower revaluation gains, though its underlying performance improved.

Net profit for the six months through September fell to £2.6m, down from £7.3m on-year.

The company's EPRA earnings per share, an underlying measure of performance, rose to 14.5p, up from 7.7p.

Palace Capital held its interim dividend steady at 9.5p per share.

It posted a total property return of 1.5%, outperforming the MSCI UK Quarterly Benchmark of 0.8%.

'At the end of June, we placed 20 apartments at Hudson Quarter, York, on the market and demand has been such that we have now sold 21 with a further seven under offer,' chief executive Neil Sinclair said.

'We are well ahead of our business plan at Hudson Quarter and with letting activity brisk on our other refurbishments, we are most encouraged despite the current political uncertainty.'

At 9:58am: [LON:PCA] Palace Capital PLC share price was -0.5p at 284.5p



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