Songbird Estates, owner of Canary Wharf, has reported a fall in first half pretax profit based on higher administrative expenses and cost of sales, but added that it is well positioned to meet future market conditions. The company said pretax profit for the six months to June 30 fell to £466 mln (EUR 666 mln) from £600 mln last year. Adjusted net asset value per share also reduced by 5.7% to £2.49 following the payment of dividends totaling 70.5 pence per share.
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