Diluted headline earnings a share totalled 32.47c, revenue came in at R71.243 million and operating profit was R50.53 million.
Anthony Diepenbroek, iFour's chief executive, said the results were in line with its forecasts despite a tough trading environment.
Trading had been aggravated by the 3 percentage point rise in interest rates since the firm's listing and a continuing oversupply of office space.
The impact of the interest rate increase since the listing, particularly on businesses in the information technology, financial services and training and development
sectors, had placed these and other small businesses under financial strain, Diepenbroek said.
The occupancy rate of iFour's portfolio at the end of December was 96.2 percent despite the oversupply of office space, which was exacerbated by unbridled speculative development, particularly in Johannesburg's northern suburbs.
This had resulted in reductions in rental rates and space requirements. To minimise vacancies, the majority of iFour renewals had been effected at lower rental rates than those in the projections.
This had resulted in a lower portfolio income than had been anticipated at the time of listing.
'Nevertheless, we recognise that this strategy alone will be insufficient for us to maintain our current rate of lease renewals,' Diepenbroek said.
'Our long-term strategy is to achieve a balance in the portfolio, which will reduce our reliance on the office market until this market reaches equilibrium.'
Immediately after listing, the company entered into an interest rate hedge to provide protection against rate increases, which had resulted in lower interest costs than forecast for the period.
Savings were also achieved in administrative and overhead costs through strict financial management, Diepenbroek said.
The aim of these proactive measures was to position the company to meet forecasts.
iFour expected the tough trading conditions to continue, he said, and the results to June would be in line with the interim results.
iFour's stock closed untraded at R5 in Johannesburg yesterday.
