French Property Tst. - Interim Results

RNS No 9072n
FRENCH PROPERTY TRUST PLC
28th July 1998


INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 1998

Investment Objective

To provide investors with the opportunity to participate primarily in French
and also in other continental European property assets in prime locations. 
The Company achieves this by investing in the quoted shares of property owning
companies.

Key Points

* Net asset value increased over the six months by 42.5% to 126.43p per share

* Ordinary share price increased by 46.3% to 109p per share  

* SBF Property Index in sterling increased over the six months by 29.9%
 
* Earnings per share up 3.6% over the corresponding period last year
 
* Interim dividend maintained at 0.5p per share, and again paid as a Foreign
Income Dividend
 
* Geographical distribution of portfolio as follows: France 93%, Portugal 7%


Fund Managers Comment

Commenting on the results, Mark Townsend of Ivory & Sime Asset Management,
said:

" The performance of the French property sector has been strong over the six
months to 30 June 1998, as reflected in the increase in the SBF Property Index
in sterling terms of 29.9%. French Property Trusts net asset value increased
by 42.5% over the six months and the share price increased by 46.3%.  The
combination of  low interest rates, increasing company and consumer
confidence, together with concentration on companies owning prime quality
assets, is expected to continue to drive asset values in the sector and
provide attractive returns for the Trusts shareholders."


For further information, please contact:

Mark Townsend                       Michael Campbell
Ivory & Sime Asset Management       Friends Ivory & Sime plc, Secretaries
Tel: [phone]                  Tel: [phone]



 Statement of total return (incorporating the revenue account) of the Group

                                                6 Months to 30 June 1998
                                     Revenue       Capital       Total
                                    PDS 000        PDS 000       PDS 000
                     
Gains on investments                      -          9,379       9,379
Exchange differences                      -            (38)        (38)
Income                                  657               -        657
Investment management fee              (163)              -       (163)
Other expenses                          (77)              -        (77)
                     
Net return before finance costs and tax 417           9,341       9,758
                     
Interest payable                        (63)             -          (63)
                     
Return on ordinary activities 
before tax                              354            9,341       9,695
                     
Tax on ordinary activities             (138)              -         (138)
                     
Return attributable to 
equity shareholders                     216            9,341       9,557
                     
Dividends in respect of equity         (125)               -        (125)
                                       _____            _____       _____
Transfers to reserves                    91             9,341       9,432
                     
Return per ordinary share              0.86p           37.35p       38.21p



 Statement of total return (incorporating the revenue account) of the Group

                                             6 Months to 30 June 1997
                                        Revenue       Capital       Total
                                        PDS 000       PDS 000       PDS 000
                     
Gains on investments                          -           936         936
Exchange differences                          -           175         175
Gains on warrants lapsing                      -        1,248       1,248
Income                                        607           -         607
Investment management fee                    (152)          -        (152)
Other expenses                                (88)          -         (88)
                     
Net return before finance costs and tax        367       2,359       2,726
                     
Interest payable                               (51)         -         (51)
                     
Return on ordinary activities before tax       316       2,359       2,675
                     
Tax on ordinary activities                    (109)          -        (109)
                     
Return attributable to equity shareholders      207      2,359       2,566
                     
Dividends in respect of equity shares          (125)          -       (125)
                                               _____       _____       _____
Transfer (from)/to reserves                       82       2,359       2,441
                     
Return per ordinary share                       0.83p       9.43p       10.26p


 Statement of total return (incorporating the revenue account) of the Group

                                        Year to 31 December 1997
                                        Revenue       Capital       Total
                                        PDS 000       PDS 000       PDS 000
                     
Gains on investments                         -         1,372       1,372
Exchange differences                         -           123         123
Gains on warrants lapsing                    -         1,248       1,248
Income                                    1,195            -       1,195
Investment management fee                  (304)           -       (304)
Other expenses                             (172)           -       (172)
                     
Net return before finance costs and tax     719        2,743       3,462
                     
Interest payable                           (107)           -        (107)
                     
Return on ordinary activities before tax    612        2,743       3,355
                     
Tax on ordinary activities                 (161)           -        (161)
                     
Return attributable to equity shareholders  451        2,743       3,194
                     
Dividends in respect of equity shares      (488)          -        (488)
                                           _____       ______       _____
Transfer from reserves                       (37)      2,743        2,706
                     
Return per ordinary share                   1.80p      10.97p       12.77p


  Group Balance Sheet (Unaudited)
              
                                          As at             As at
                                         30 June 1998       31 December 1997
                                         # 000              # 000
              
Fixed Assets              
Investments                               33,182             25,226
              
Current Assets              
Investments held by dealing subsidiary       123                 40
Debtors                                    1,060              1,013
Cash at bank and on deposit                  186                 71
              
                                           1,369              1,124
              
Creditors: amounts falling due 
within one year                           (2,932)            (4,163)
              
Net current liabilities                   (1,563)            (3,039)
              
Total assets                              31,619             22,187
              
Capital reserves and reserves              
Called-up share capital                    6,252              6,252
Share premium account                     16,761             16,761
Other reserves -              
       Capital reserve - realised           (317)            (1,210)
       Capital reserve - unrealised        8,584                136
Revenue reserve                              339                248
              
Equity shareholders' funds                31,619              22,187
              
Net asset value per share:              
Ordinary              
       Basic                              126.43p             88.72p
 Notes

1. The unaudited interim results have been prepared on the basis of the
accounting policies set out in the statutory accounts of the Group for the
year ended 31 December 1997.
 
2. In view of the pattern of French company dividend payments, earnings for
the first six months should not be taken as a guide to the results of the full
year.
 
3. The return per ordinary share is based on 25,009,000 shares in issue (1997
- weighted average of 25,003,033).  On 30 April 1997, 9,000 warrants were
exercised, subscribing for ordinary shares at 100p.  On 30 April 1997, the
final exercise date, 4,991,000 warrants lapsed.
 
4. An interim foreign income dividend of 0.50 pence has been declared.  It
will be payable on 11 September 1998 to Shareholders on the Register on 21
August 1998.
 
5. The Group results consolidate those of FPT Securities Limited, a wholly
owned subsidiary which deals in securities.
 
6. These are not statutory accounts in terms of Section 240 of the Companies
Act 1985 and are unaudited.  Statutory accounts for the year to 31 December
1997, which were unqualified, have been lodged with the Registrar of
Companies.  No statutory accounts in respect of any period after 31 December
1997 have been reported on by the Companys auditors or delivered to the
Registrar of Companies.  A full interim report will be sent to shareholders in
August 1998, and will be available for inspection at Princes Court, 7 Princes
Street, London, the registered office of the Company.

END

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