Helical Bar, the UK listed developer and investor, is markedly upbeat in its report for the six months to end-September, in stark contrast to peers such as Quintain.

Helical Bar, the UK listed developer and investor, is markedly upbeat in its report for the six months to end-September, in stark contrast to peers such as Quintain.

Acknowledging the difficult market conditions, Helical Bar chairman Giles Weaver said: 'In such torrid market conditions we expect to see buying opportunities that arise only once or twice in a property career. We have built up our own cash resources and agreed joint venture arrangements with well capitalised partners who are eager to invest alongside us where and when we find compelling value.'

Helical reported a pre-tax profit of £12.7 mln (EUR15.3 mln), up from £7.3 mln in the year-earlier period. Its diluted net assets per share came to 33 pence, compared to 352 pence in the previous six-month period. Helical maintained its interim dividend at 1.75 pence per share and the diluted earnings per share of 8.5 pence, compared to 9.7 pence in 2007.

Unlike Quintain, Helical adhered to its 'long-held practice' of not undertaking a revaluation of its investment portfolio, or re-assessing the surplus on its development and trading stock at the half year.

UK-based Quintain reported last Thursday that its gearing ratio has risen from 60% to 90% in the six months to end-September due to a steep fall in valuations of its property portfolio. However, the company said it would continue to operate within its banking covenants.

Quintain's diluted net asset value dropped 37% to 439 pence per share for the six months to end-September. The company saw its pre-tax loss widen to £52 mln from £4 mln in the same period last year.

The group had gross property assets valued at £1.3 bn at 30 September 2008, with the regeneration business constituting 59% of the group by value, the investment portfolio 12% and fund management 29%. The valuations of Quintain's directly held properties fell 20% to £869 mln. Its major regeneration schemes at Greenwich and Wembley saw their value drop 30% from last year.