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Bonatla reports higher earnings

Posted On Monday, 04 October 2010 02:00 Published by eProp Commercial Property News
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Bonatla Property Holdings on Friday reported diluted headline earnings per share of 0.40 cents for the six months ended June compared with diluted headline loss per share of 0.53 cents for the comparable period a year ago.

 

Bonatla Property HoldingsFor the period under review, profit came in at R871,000 from a loss of R1.6 million a year earlier.

Revenue increased to R6.1 million from R1 million rand in the corresponding period of 2009. No dividend was declared.

The return to profitability was due to rentals on the Karbotek and the Durban Point acquisitions being in effect from the beginning of the year, Bonatla said.

It added that its results were offset by interest on the CDA loan of R953,000 resuming from the 1 January 2010 and the legal as well as Section 311 application costs of R1.100 million relating to the Bluezone acquisition, which should be finalised during October 2010.

"Whilst the company will become entitled to revenue on the Bluezone properties effective from 1 April 2010 once the court has sanctioned the Bluezone section 311 orders, no income from these properties has been accounted for in the results for the six months ended 30 June 2010.

Looking ahead, it said the impact of the acquisitions made towards the end of last year will show the full effect during the current year as already demonstrated in the first half of the year.

In addition, the property group expects to be able to consolidate the profits from the 9 Blue Zone properties subject to the determination of the effective date of control.

However, the acquisition will serve to increase the annuity revenue of the group going forward.

Last modified on Tuesday, 22 April 2014 11:56

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