Redefine reports distribution of 33.5c per linked unit

Posted On Thursday, 06 May 2010 02:00 Published by eProp Commercial Property News
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Redefine Properties has declared a total distribution of 33.50c per linked unit for the 6 months ended February 2, 2010.

Marc Wainer

It follows a distribution of 16.75 cents per linked unit for the three months ended February 28, 2010, along with a distribution of 16.75 cents for the three months to November 30, 2009.

The group reported headline earnings per linked unit of 64.01 cents for the six months ended February 2, 2010, from a loss of 8.41 cents previously.

It recorded earnings per linked unit of 69.03 cents, from 28.54 cents earlier.

Total revenue was at R1.48 billion rand, from R488.56 million, while profit for the period was at R945.80 million, from a prior loss of R494.28.The group reported an income of R2,18 billion, from a loss of 216.5 million previously.

It pointed to a market capitalisation of R20.1 billion.

Looking ahead Redefine said: "The forecast distributions per linked unit for the six months ending 31 August 2010 have been based on distributable earnings for the six months ended 28 February 2010, allowing for contractual growth in income reduced to take account of the failure of Queensgate which was due to take occupation of a newly developed hotel in Cape Town, lower than expected dividends from Ciref and reduced fee income.

"As a result, distributions for the year ending 31 August 2010 are expected to be between 65.5 cents and 67.5 cents per linked unit," it said.

Last modified on Saturday, 26 April 2014 12:51

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