CORRECTED-UPDATE 1-Dairy Crest's full-year profit rises on property sale

Thu May 22, 2014 4:19am EDT

(Removes paragraph 6, which incorrectly said that the company's profit has been declining over the past four years)

* Full-year adj pretax profit rose 31 pct to 65.3 mln stg

* Revenue up 1 pct to 1.39 bln stg

* Sells Nine Elms property for 17.6 mln stg

* Final dividend raised to 15.4p/shr from 15p

May 22 (Reuters) - Dairy Crest Group Plc, Britain's largest dairy company, reported a 31 percent rise in full-year pretax profit, helped by the sale of a property in London.

The company, whose brands include Country Life, Clover and flavoured milk drink Frijj, said its adjusted pretax profit rose to 65.3 million pounds ($110.2 million) in the year ended March 31 from 49.7 million pounds a year earlier.

Revenue rose 1 percent to 1.39 billion pounds.

Analysts on average expected the company to report full-year pretax profit of 65.6 million pounds on revenue of 1.36 billion pounds, according to Thomson Reuters I/B/E/S.

Dairy Crest sold its Nine Elms residential and middle-ground milk depot located in London to Battersea Project Phase 5 Residential Co Ltd for 17.6 million pounds in cash, generating a profit of 15 million pounds on the sale.

The producer of Cathedral City cheese raised its final dividend to 15.4 pence per share from 15 pence a year earlier.

Shares in the company were down 0.8 percent at 456.3 pence at 0711 GMT on Thursday on the London Stock Exchange. ($1 = 0.5925 British pounds) (Reporting by Aastha Agnihotri in Bangalore; Editing by Ted Kerr and Gopakumar Warrier)