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Property investor Stenprop reported a lower first-half profit after it earned less management fees, though the value of its assets rose.
Pre-tax profit for the six months through September fell to £13.4m, down from £17.4m on-year, as management fee income fell to £0.4m, down from £9.1m.
The company's diluted IFRS net asset value per share, an underlying measure of performance rose to £1.39, up from £1.36.
Stenprop held its interim dividend steady at 3.375p per share.