Bonatla sees higher earnings

Posted On Friday, 07 January 2011 02:00 Published by eProp Commercial Property News
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Bonatla Property Holdings announced on Thursday that it had returned to profitability, with headline earnings per share for the year ended December 2010 expected to improve by more than 200% from the headline loss in the corresponding period in 2009.

Bonatla Property Holdings

The property group said a range could not yet be identified until the accounting treatment of recently announced acquisitions and certain costs associated with those acquisitions had been established.

For the same reasons, earnings per share were not published.

Bonatla has signed pledge and cession agreements with nine out of the 13 Bluezone property-owning companies, giving it immediate effective control of these properties and the corresponding rental income stream from April 1 2010. The remaining three properties in the portfolio are Flextronics, Austin Crossing and Madeleine Street.

CEO Niki Vontas said the last property would not be acquired as the property holding company had gone into final liquidation. The combined value of these acquisitions was R294 million.

However, the acquisition of Flextronics and Austin Crossing were still subject to conditions, including regulatory approvals in terms of the competition authority, the JSE's listings requirements, the Securities Regulation Panel and shareholders' approvals.

Last modified on Monday, 21 April 2014 08:39

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