By James Atkinson
Hotel Property Investments (HPI), landlord to pubs leased by Coles, has reported profit before tax of $38.52 million for the six months ended December 31, 2013.
The interim result was the first reported by HPI since it was spun out of Redcape Hotel Group in November last year and was a significant increase on the $22.1 million reported by the company in the previous corresponding period, prior to its ASX listing.
“Profit for the period has increased by 74.63% substantially due to the increased fair value adjustment on investment properties, which was partially offset by the increase in other expenses relating to the restructuring,” HPI said.
HPI’s portfolio value at December 31 was $481.5 milllion.