The British Land Company PLC - Interim Statement 2005

Consolidated Income Statement
for the six months ended 30 September 2005

			2005 Unaudited			2004 Unaudited
Year ended^† 31 March 2005 £m		Note	Underlying pre-tax* £m	Capital and JV tax* £m	Total £m	Underlying pre-tax* £m	Capital and JV tax* £m	Total £m
604	Gross rental and related income	3	340		340	278		278
517	Net rental and related income		305		305	237		237
8	Fees and other income		9	(3)	6	3		3
158	Funds and joint ventures (see also below)	10	14	66	80	15	68	83
(49)	Administrative expenses		(36)		(36)	(22)		(22)
610	Net valuation gains (includes profits on disposals)	5		596	596		306	306
	Net financing costs
28	- financing income		35		35	7		7
(354)	- pre-exceptional financing expenses		(225)		(225)	(168)		(168)
(180)	- exceptional item
(506)		4	(190)		(190)	(161)		(161)
738	Profit on ordinary activities before taxation		102	659	761	72	374	446
	Taxation credit (expense)
46	- current				(11)			(6)
(130)	- deferred				(135)			(68)
(84)		6			(146)			(74)
654	Profit for the period after taxation				615			372
	Attributable to:
654	Shareholders of the Company				615			372
128.5p	Basic earnings per share	8			118.7p			74.4p
126.0p	Diluted earnings per share	8			118.3p			71.7p


	Share of results of funds and joint ventures
31	Operating profit pre-tax		14		14	15		15
169	Net valuation gains on property and investments			82	82		90	90
(42)	Taxation			(16)	(16)		(22)	(22)
158		10	14	66	80	15	68	83