Nick Wilson

DURBAN-based Marshalls reported yesterday that its headline earnings a share increased to 6,8c for the six months to June, from 4,6c in the same period last year.

Its property division showed a 9,7% revenue increase due to continued demand for leased light industrial property.

The company said: "All indications are that this demand should remain in place for the immediate future."

Marshalls, which owns a light industrial property portfolio and finances small-scale imports for South African manufacturers, said its vacancy levels were about 3% and the value of its investment properties remained unchanged at R63,2m.

Marshalls reported an operating profit after interest of R1,7m compared with R1,3m for the same period last year.

It disposed of its parking garage, Russell Park, in central Durban, and said the disposal amounted to R209000.

Its portfolio of shares in listed investments held overseas reflected a market value in South African currency of R17,6m, which increased in value about 6% in the period under review.

It is looking to acquire more investment properties, thanks to its low borrowing levels and cash resources.