Acquisitions push Pangbourne's profit up 27%

Posted On Monday, 23 September 2002 02:00 Published by
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Property group Pangbourne pushed up revenue 21% to R166,1m while operating profit rose 27% to R103,4m for the year to June
Property group Pangbourne pushed up revenue 21% to R166,1m while operating profit rose 27% to R103,4m for the year to June. The positive results come despite a very difficult period in the property market.

The rise in earnings is attributed to the acquisition of Pioneer and CBD Property Fund, whose results have been incorporated for the first time.

The acquisitions, which came through at the beginning of April, have almost doubled the number of properties Pangbourne has under management.

Headline earnings a unit rose 7,2% to 86,09c while the distribution a unit was unchanged at 88c.

Pangbourne said the overdevelopment of office space, poor economic growth and the increase in interest rates had affected the property sector negatively.

Business Day


Publisher: Business Day
Source: Business Day

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