MAS, a property investment group, reported a maiden dividend of EUR2.05 cents per share for the nine months ended November 2010. The loss per share widened to 78.6 euro cents from three euro cents.

Net loss after taxation was €533.8 million from €1.142 billion.

The company said the dividend was satisfactory as distributable core income began to be generated from the acquisitions of the Aldi portfolio in Germany and the DPD Swiss headquarters near Zurich.

MAS is listed on the Euro-MTF exchange in Luxembourg and the JSE's Alt-X.

"The third quarter continued in a similar vein to the previous two quarters and the company looks set to deliver very pleasing full-year results, although some currency exchange gains that had been earned in the first half of the year reversed back to a neutral position in the third quarter," the company said.

In addition to the properties that were already generating income, the completion of the Golden Cross student residential development in Birmingham, UK, was expected in September 2011 in time for the new intake of students. This additional income will further add to the distributable core income.

Ron Spencer, chairman of MAS, said: "The payment of the maiden interim dividend, at a healthy €2.05 for the first six months of the year, is evidence of the company's solid progress.

"However, direct property investment is not a process that leads to instant gratification. A high-quality investment portfolio requires careful assembly over a period of time, with emphasis on the acquisition of quality assets at good prices for security of strong income and capital values in the long term.

Looking ahead, the company said it aimed to undertake capital raising in May this year.

"This will continue to enhance the operational leverage of the business, diversification of the portfolio, income returns to shareholders and liquidity of the traded shares. The company is in the process of building initial capital commitments for this raise and has a strong and attractive investment pipeline," it said.

Source: I-Net Bridge