Blackrock reports 'satisfactory' financial results

Blackrock International Land plc has today released its interim results for the six months to June 30,2007.

Profit before tax for the period was €12.2m, according to a company statement.

Net assets increased to €230.4m – up by 4.3% in first half 2007 and by 11.2% since commencement in May 2006.

Total investment expenditure by the company totaled €56.6m in the period and €209.5m since commencement, with property sales coming in at €27.5m.

Net assets per share at June 30, 2007 were €39.49, compared to €35.53 cent on commencement.

“Following admission to the Stock Exchange in May 2006, Blackrock has been in operation for just over 12 months,” said Blackrock chairman Carl McCann.

“In that period, the company has more than doubled its gross property assets to €410.0m and increased its net assets by 11.2% to €230.4m.

“During the first six months of 2007, the Group achieved a satisfactory result, reporting a profit before tax of €12.2m, including valuation gains, and increasing its net assets by 4.3%.

“The Group’s existing portfolio has significant potential for growth. In addition, we remain on target to achieve our previously stated medium-term investment goal of gross property assets of €1bn by 2011.”