Property company back in the black after dour times in 2006

Property company Minerva has said that London office and high and residential markets remain 鈥榬obust鈥� after posting a pre-tax profit of 拢16.3m for the year ended June 30.

The profit compares with a loss of 拢6.9m in 2006. Net asset value per share rose 5.3% to 327.9p from 311.5p last year.

Oliver Whitehead, Minerva chairman, said: 鈥淲hile share prices in the quoted real estate sector have experienced much volatility in the past few months, the City of London office and high-end London residential markets remain robust. We believe the quality and focus of our property portfolio leaves the Group well positioned.鈥�

However, the company鈥檚 share price fell this morning after analysts raised concerns about the group鈥檚 long-term projects. Shares were down 2.9% at 260.5p this morning.

Minerva's portfolio includes the 550,000 square feet St Botolph's office and retail development in the City of London and the Park Place retail centre in Croydon, south London.

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