MICC Property Income Fund (MCP) reports a 12% increase in its distribution per linked unit from 77 cents to 86.50 cents for the 12 months ended September.

Headline earnings for the year increased from 54.6 million rand to 67.9 million rand.

MICC's net profit before tax, debenture interest and fair value adjustment amounted to 69.9 million rand for the 12 months compared to 62.6 million rand for the previous 12 months - an increase of 12%.

Net property revenue of 130 million rand was 3% higher than the previous 12-month period.

The group said the results had been achieved on the back of a good performance of the underlying properties, reduced administration expenditure and deferment of certain expenditure.

The reduction in administration expenses amounted to 4.2 million rand.

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