Blackrock International Land, the property group spun off from Fyffes last year, yesterday posted a pre-tax profit of €12.2 million for the first six months of the year and said it is on track to have property assets of €1 billion within the next four years.

The company, which started trading in May last year, said that at the end of June its net assets stood at €230.4 million - a 4.3 per cent increase during the first half and an 11.2 per cent gain since May 2006.

Total investment during the period was €56.6 million, while spending totals €209.5 million since the business was set up.

At the time of its maiden results in February Blackrock said it was aiming for gross property assets of €1 billion by 2011. Yesterday it said it plans to spend €200 million over the next one or two years and that it is on course to hit its target.

Blackrock said it plans in the future to focus on the opportunities in its current portfolio as well as expanding with new acquisitions.

It said it has an extensive pipeline of potential transactions, principally commercial and industrial investment properties, and is keen to retain its focus on Ireland, Scotland and the Greater London area. However, the company also said it is evaluating opportunities in several major European cities.

Analysts welcomed the results, which were broadly in line with forecasts.

Dan Cavanagh, an analyst at Goodbody, said that with net borrowings of €226 million at the end of June, the company was well placed to take advantage of any buying opportunities that may arise as a result of the current volatility in the global economy.

Blackrock is not paying a dividend. The shares fell 2.2 per cent yesterday, to close at 45 cent in a very weak market.