Property company Minerva has posted a pre-tax profit of 拢15.4m in its interim results.

The figure compares with a loss of 拢16.3m in the corresponding period in 2005. Net asset value per share rose 3% to 321p.

However, shares fell 2% to 380p when the results were announced on Monday as the group failed to meet City expectations.

Salmaan Hasan, the firm鈥檚 chief executive, said: 鈥淭he company is entering an exciting phase, firmly focused on delivering value from the existing portfolio of first-class developments in London, coupled with vigour to search for appropriate new opportunities.鈥�

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