GREEN PROPERTY has recorded a marginal rise in pre tax its profits from £2,900,000 to £2,943,000 in the six months ended June 30th, 1996.

Virtually all the profits came from rental income. Dealing profits fell from £652,000 to £44,000 Green noted that if the profit on properties held for resale was excluded, then the underlying profits increased by 29 per cent.

The interim dividend is unchanged at 1.3p net per share. Net assets per share improved from 202p to 203p after adjustment for the rights issue which raised £30 million.

Green said the development of its Blanchardstown Shopping Centre was progressing well with trading expected to start in mid October.

Development costs have remained within budget. Some 96 per cent of the available retail space has been taken up by both Irish and British retailers, said Mr Danny Kitchen, Green's finance director.

Green continued to express confidence that it would "provide exciting prospects in the years ahead". The centre was carried at cost in the balance sheet but this was expected to be included at valuation in the full year's results.

This has not been quantified by the company but all of phase one is likely to be brought in and possibly part of phase two. The value of the full centre could also be included. This could add around 20p to the net asset value per share.

The group's net profits have fallen from £2,723,000 to £2,488,000. This was due to a sharp rise in tax, from £177,000 to £455,000. The higher tax arose from its operations in Britain.

Green has made a number of acquisitions this year. These included the acquisition of a £37 million sterling portfolio from United Friendly Insurance.

If the Blanchardstown Centre was taken in at valuation at the year end, British assets would account for 30 per cent of the group's portfolio.