Green Property gives cautious outlook

Irish property development group Green Property said it could not predict the effects of the slowing economy on its business …

Irish property development group Green Property said it could not predict the effects of the slowing economy on its business as it posted largely flat interim pretax profits.

It made a pre-tax profit for the six months to June 30thof euro 37.25 million against euro 37.99 million last year.

As at June 30th 2001, net assets rose by euro 76.6 million, resulting in net assets per ordinary share of 1,128 cents, an increase of 6.8 per cent over the figure at December 31st, 2000.

Green's average net asset value growth has been an impressive 35 per cent over the past five years.

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It said it remains satisfied with the structure of the property portfolios and that, given the financial resources available, it is well placed to take advantage of any opportunities which may arise.

Earnings per share were 29.27 cents compared to 25.76 cents at the interim stage last year, with an interim dividend of 3 cents declared, up 9 per centover last year.

Green said a slowdown in the rate of asset appreciation has impacted on the property market in the first half of the year and it expects the markets will continue to experience "less exuberance" than has been the case in the past few years.