Property investment company Panther Securities (AIM: PNS) said its rental income and profits in the third quarter were consistent with the same period last year, stating that the property market appears to be over the worst of the economic cycle.
The group said the write-ups on its financial instruments and equities would assist to counterbalance any property writedowns or revaluations for the full year, adding that its financial position would allow it to weather any further corrections in the market and look into making acquisitions.
At 30 September, the group had cash balances of £10.6 million, excluding the additional funds of £2.4 million received after the period on the sale of investment shares and £1.3 million to be received on completion of the sale of investment properties.
The group’s share portfolio had a market value of £7.3 million at the end of the period, while financial derivatives showed a combined liability of £7.8 million, compared to the combined liability of £12 million at 31 December 2008 and £6.2 million at 30 June this year.