November 14, 2018 / 7:17 AM / a month ago

British Land's NAV drops on weakness in retail sector

Nov 14 (Reuters) - Real estate firm British Land Co reported a 2.9 percent drop in net asset value for the first half of the year on Wednesday, as retailers invest less in physical stores amid increased online competition.

The company's EPRA net asset value, a key industry metric that reflects the value of a firm's buildings, was 939 pence per share, down from 967 pence per share in the six-month period ended March 31. (reut.rs/2QI7hns)

Underlying profit fell to 169 million pounds ($220 million) from 198 million pounds a year earlier.

“We expect retail to remain challenging in both the occupier and investment markets as the impact of long-term structural change is compounded by short-term headwinds,” the company said in a statement. ($1 = 0.7696 pounds)

Reporting by Pushkala Aripaka and Noor Zainab Hussain in Bengaluru Editing by Saumyadeb Chakrabarty

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