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Orion Real Estate grows revenue by 8,75% for the six months ended 31 December 2014

Posted On Thursday, 26 March 2015 09:36 Published by
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Orion Real Estate grows revenue by 8,75% for the six months ended 31 December 2014 on the back of annual rental increases.

 

Franz Gmeiner

Operating profit increased with 13.35% from R12.8 million to R15.0 million while managing other direct property operating costs increase to 4,52%. The headline and diluted headline earnings per linked unit have increased by 31.6% from 0.57 cents for the six months ended 31 December 2013 to approximately 0.75 cents for the six months ended 31 December 2014.

The increase was mainly due to the increase in the property revenue as a result of the annual property escalation, a better recovery of utilities and recovery of property reinstatement costs. The group acquired a Lydenburg property for R9,5 million and disposed of the Score-Mfuleni building during the period.

No dividends were paid or declared during the financial period under review. The Board of directors recently announced the resignation of Francois Viruly, as a director of Orion Real Estate Limited, with effect from 18 March 2015.

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