cls holdings swung to a pretax loss for the first half after booking higher revaluation losses and costs and said it expects the economic backdrop for the property market to remain challenging until interest rates peak the ftse250 commercialproperty investor said wednesday that pretax loss for the sixmonth period was 1064 million pounds 1357 million compared with a pretax profit of gbp213 million the year before the company booked a net revaluation movement on investment property of gbp1329 million compared with gbp51 million statutory net asset value per share fell 12 to 2715 pence with contracted rent falling 15 to gbp1087 million net rental income rose 53 to gbp556 million due to higher income from its german acquisitions indexation and a stronger performance of its hotel and student operations the company said the board declared an interim dividend of 260 pence a share flat on the yearprior period our longterm approach and active asset management should keep the group in good stead and we have significant opportunities to increase rental income through reducing vacancy to more than compensate for higher interest costs over the next couple of years cls said shares at 0801 gmt were down 940 pence or 66 at 134 pence