Weak euro hits First Property profit

First Property Group said yesterday profit before tax fell by 10.8 per cent to £3.54m in the year to 31 March, blaming the fall in part on a weaker euro, which knocked £228,000 of profits. The commercial property fund management group, which operates mainly in Poland and the UK, said assets under management decreased to £353m compared with £365m as at 31 March 2012 after a drop in the value of its properties. Chief executive Ben Habib said the year “was dominated by the turbulence created by the European sovereign debt crisis” and as a result it had only made one investment in the period. The group’s cash position stood at £30m – up 30 per cent on last year – giving it a war chest for growth. Habib said it plans to target new investments this year in the UK and Poland.