Property development group Quantum Property (QPG) today reported a headline loss per share of 19.5 cents for the 18 months ended August.

The operating loss for the period was R3.4 million. Group revenue was at R250 million. The reporting period precedes QPG's reverse listing on AltX during October 2008 after acquiring A Million Up Investments 105. QPG was formerly known as Anbeeco Investments Holdings.

"Despite tough economic and market conditions investor confidence in QPG's prospects was evident in the R32.3 million raised prior to its listing on AltX," the group said.

The group said that it is confident that the current state of the property market exposes a number of prime acquisition opportunities and that its listing will enhance access to borrowings to fund acquisitions and further allow QPG to use equity as a means of financing investment opportunities.

Looking ahead QPG's executives have established legacies of property development and portfolio management, having developed a number of national landmark projects totalling in excess of R4 billion to date.

"The company intends to continue leveraging this experience across all sectors of the property industry for sustainable growth and profitability," said Quantum.

Quantum said it had developed a three-pronged strategy to ensure that it builds a sustainable portfolio in which revenue streams are diversified and can deliver appropriate returns for new shareholders in QPG.

Source: I-Net Bridge