Property group Pinnacle Point on Tuesday reported a net loss of R3 million for the year ended February versus a loss of R39.2 million in 2008.

The loss per share is 0.09 cents (2008: 2.01 cents loss per share), with a headline loss of 0.20 cents per share after removing the effects of the sale of the Goldfield Plaza shopping centre, compared to a headline loss of 0.37 cents per share in the prior year.

In accordance with the group's accounting policies, revenue from the sale of property is only recognised once the property has been transferred to third parties. Revenue for the year increased from R51 million to R103 million, an increase of 100%.

The group said the results were satisfactory in light of the current global economic crisis and depressed property market. But in response to this management has placed the launching of new projects in South Africa on hold until such time as the market improves.

The controlling of costs has However, in Nigeria, where demand at the high end of the market still remains buoyant the group is proceeding with the Lagos Keys development and it is expected to have all approvals in place prior to the end of this calendar year.

"With regards to the Ile Aurore Seychelles development, it is anticipated that the final approvals will be granted early in the new calendar year, whereafter the Group will be able to commence with the next phase of the development cycle of this development."

Pinnacle added that the secondary listing on the Nigerian Stock Exchange in March this year will enable the group to access new capital markets to raise funding for its Lagos Keys development.

It will also give the Nigerian residents the opportunity to invest in the Lagos Keys development.

Source: I-Net Bridge