Songbird Estates said adjusted NAV per share increased by 7p or 3.7% to 194p in the six months ended 30 June 2011 as property values continue to pick up.

The Canary Wharf owner said net assets increased to £1,895.6m at 30 June 2011 from £1,753.6m at 31 December 2010.

"This was attributable to an increase in the value of the property portfolio of £88m, the underlying profit for the period of £6.6m and the release of a provision for deferred tax of £43.3m," Songbird explained.

The market value of the investment property portfolio increased by 1.9% to £4.7bn. After allowing for capital expenditure and adjustments for lease incentives, the carrying value of the investment portfolio increased by 1.8%.

Underlying profit before tax for the period was £6.6m compared to £13.1m a year earlier. The fall in profit was attributable to a reduction in rental income, following the sale of two properties in the previous year.

Rental income fell to £124.6m from £153.5m the year before.




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CJ

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