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Daejan swung to a half-yearly loss as the value of its US property portfolio was hurt by new rent regulations that weighed on its properties in New York.
For the six months ended September 30, the company reported a pre-tax loss of £18.3m compared with a profit of £61.1m on-year.
The loss came as the company recorded a net valuation loss on investment properties of £43.3m compared with a gain of £32.5m.
Whilst the UK revaluation produced a surplus of £2.8m, lower than last year's £32.5m, in the USA new rent regulations affecting its properties in New York state produced a downward movement which resulted in a reduction in the valuation of its US portfolio of £46.1m, the company said.
An interim dividend of 35p per share was announced.
'The principal risk factors affecting the remainder of the financial year continue to be exposure to movements in the valuation of the Group's investment properties, movements in the sterling/dollar exchange rate, incidence of voids and bad debts and adverse changes to the regulatory environment,' Daejan said.
At 8:04am: (LON:DJAN) Daejan Holdings PLC share price was -50p at 5060p