Japan Residential Investment Company said annual profits nearly doubled in 2012 as the value of its portfolio of residential property rose.

Profits climbed to £14.7m in 2012 from £7.5m the previous year, driven by a 2.6% growth in its property values in Japan.

The company's investments include a portfolio of residential property located predominantly in Tokyo, Osaka, and Nagoya.

Average occupancy for the financial year improved to 95.2% from 94.9% a year ago.

Gross rental income increased to £19.8m from £19.2m while total debt was reduced to £131m from £133m.

Net asset value was down 2.1% to 69.7p per share as the decline in the Yen was largely offset by valuation gains and retained underlying profit.

"The financial year was distinguished by continued strong operating performance and pronounced value growth in the underlying portfolio," Chairman Raymond Aspey said.

Shares rose 3.70% to 56.00p at 11:56 Tuesday.

RD

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