UK homebuilder Bellway hopeful of recovery, half-year profit slumps

(Reuters) - British housebuilder Bellway retained its annual home-building targets on Tuesday, after posting a 57% slump in half-year profit, as improved sales in recent months fuelled hopes of a recovery in the housing sector later this year.

The company, which constructs everything from one-bedroom apartments to six-bedroom family homes and luxury penthouses, reported underlying pre-tax profit for the six months ended Jan. 31 of 134.2 million pounds ($169.8 million), compared with 312.1 million pounds a year earlier.

($1 = 0.7905 pounds)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Shounak Dasgupta)