Property investment company Marshalls Ltd (MSS) has reported a rise in its headline earnings per share (Heps) for the year to end-December 2004 to 12.5 cents from 5.3 cents (restated) in 2003. The group declared a final dividend of 6.0 cents per share, for a total dividend for the year of 10 cents per share, unchanged from that in 2003.

Marshalls, through its wholly owned subsidiary Marshalls Group Ltd, owns a portfolio of offshore listed stocks and substantial rental income-producing commercial properties and parking garages in Durban and Cape Town.

Reporting its final results on Wednesday, Marshalls said total revenue rose to R20-million from R18.1-million a year earlier, while operating profit before interest came in at R5.7-million versus R5.2-million. Profit for the year, meanwhile, was R8.4-million, up from only 899,000 in 2004.

The group's net asset value per share improved to 410 cents from 379 cents, and total headline earnings were reported at R2.18-million versus only R926,000 a year earlier.

The value of the group's total property portfolio on an open market basis as at year-end was valued at R66.6-million, up from R60.1-million a year earlier.

At the same time, the value of its shares in listed investments held overseas had appreciated by 7% in sterling terms, but was slightly lower in rand terms at R15.17-million at year-end, versus 15.4 million rand in 2003.

Marshalls said that the demand for leased light industrial property in Durban had strengthened considerably since a year ago, resulting in higher rental income for the group. This trend was expected to continue in 2005.

Currently vacancy levels in its portfolio of buildings were less than 5% of total rentals.