The group declared a distribution of 16.91 cents per SFA linked unit for the period, up from 15.19 cents a year earlier.

Shops for Africa said revenues had risen to 46.4 million rand from 40 million rand the previous year, with
turnover up by 5% on a like-for-like basis, driven by lower average vacancies that ended the period at 6.1% (on a rental basis).

The performance reflected the benefits of the falling interest rate environment, as well as an improvement in the performance of the company's property portfolio.
 
The group reported a net profit of 1.4 million rand for the period, compared to a loss of 60,000 rand a year earlier and profit of 14.5 million rand for the year to end-April.
 
Earnings were 2.11 cents per share, compared to a loss of 0.10 cents a year earlier, but on a headline basis the group recorded a loss of 0.83 cents per share due to the effects of the implementation AC133, which resulted in a 2.7 million rand loss, of which 2.64 million rand related to interest rate hedging instruments.
 
Operating margins fell to 56.4 % from 58% for the year to April 30, 2003, as a result of a rise in letting commissions, tenant installations, electricity and doubtful debts.
 
The group had 45% of its long-term debt unfixed, which resulted in the weighted average cost of finance falling from 14.97% at year-end, to 12.89% currently. This resulted in a 9.3% fall in the interest charge on a
like-for-like basis.
 
In December SFA concluded an agreement to sell its property portfolio to ApexHi Properties, with the selling price calculated at 13.50 rand per ApexHi combined linked unit, valuing the portfolio to be sold at 415 million rand.
Looking ahead, the Directors said they were confident the group would achieve its profit forecast for the year, although earnings and distributions would be reduced should the pending ApexHi transaction be concluded from April 1, as it would reduce the second half of the group's financial year from six months to five.