- Daejan swung to a half-yearly loss as the value of its US property portfolio was hurt by new rent regulations that weighed on its properties in New York.

For the six months ended September 30, the company reported a pre-tax loss of £18.3m compared with a profit of £61.1m on-year.

The loss came as the company recorded a net valuation loss on investment properties of £43.3m compared with a gain of £32.5m.

The company declared an interim dividend of 35p per share.

'The principal risk factors affecting the remainder of the financial year continue to be exposure to movements in the valuation of the group's investment properties, movements in the sterling/dollar exchange rate, incidence of voids and bad debts and adverse changes to the regulatory environment,' Daejan said. At 8:04am: [LON:DJAN] Daejan Holdings PLC share price was -50p at 5060p

Story provided by