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Property investor McKay Securities swung to a first-half profit after the value of its portfolio rose.
Pre-tax profit for the six months through September amounted to £15.4 million, swinging from a year-on-year loss of £15.0 million.
Adjusted pre-tax profit fell 22% to £4.1 million, reflecting a 12% reduction in gross rental income following a significant disposal.
The company's IFRS net asset value per share rose 4.2% to 322p.
It declared an interim dividend of 2.9p per share, up 3.6% year-on-year.