Marshalls upbeat on demand for property

Posted On Tuesday, 30 April 2002 10:01 Published by
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South Africans were 'crying out' for strong and firm action from the country's leaders, particularly given the unresolved issues of unemployment, crime and corruption

DURBAN South Africans were 'crying out' for strong and firm action from the country's leaders, particularly given the unresolved issues of unemployment, crime and corruption, poor investments and the crisis in Zimbabwe, Marshalls' chairman, David Marshall, said in the company's annual report, which was released last week.

The listed property group has investments in property, trade financing and a permanent portfolio of listed shares in the UK, the US and western Europe. The properties consist of commercial and light industrial buildings and parking garages in Durban and Cape Town.

Market value on December 31 last year was R65m, while the overseas portfolio was valued at R26m.

Subsidiary Marshalls Confirming extends facilities, both in SA and overseas, designed to provide its clients with a flexible, innovative and integrated financial service to facilitate the import and export of international and local merchandise, raw materials and equipment.

In the year ended December, the consolidated group operating profit before tax was R8,5m, from R7,2m in 2000. After-tax, attributable income was R1,5m from R1,2m.

Marshall said there had been signs of improvement throughout the year in demand for commercial and light industrial premises, resulting in a year-end occupancy rate of 95% (91%). But rentals remained under pressure and there was still an absence of new development.


Publisher: Business Day
Source: Nicola Jenvey

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