Property firm Bonatla Holdings on Monday reported that the net asset value (NAV) per share increased from 61.09 cents for the six months ended June 30, compared with 30.71 cents in the corresponding period last year.

There was a marginal increase in diluted headline earnings per share for the period at 0.42 cents compared with 0.40 cents before. Profit after tax was at R19.4 million compared with R871,000 reported in the previous period.

"The board of directors is pleased to announce that the group has continued to make increased profits and that the assets under the Groups control have more than doubled, resulting in the net asset value per share increasing substantially.

"The Investment Property portfolio, purchased last year, continues to make a substantial contribution to the profit after tax."

Looking ahead, Bonatla said that investments made had established a solid basis for growth, supported by a conservative total interest bearing debt of 15% of total assets.

The company was engaged in various acquisition negotiations which would be finalised after the approval of the forthcoming circular to shareholders.

Source: I-Net Bridge