Property loan stock Hyprop lifted full year distribution to December by 20% to 270 cents
per combined linked unit, it reported on Monday.

The final distribution of 140 cents reflects growth of 21.7% relative to the comparative period in 2006.

Revenue fell to 715.8 million rand from 738.3 million rand, net property income decreased to 513 million rand from 539.2 million rand.

The owner of several shopping malls that include the Mall of Rosebank said distribution growth was partly boosted by the sale of its interest in SA Retail Properties at 1.135 billion rand plus interest of 36.7 million rand.

Looking ahead, the company said it is well positioned to benefit from opportunities in the current volatile market and uncertain economic conditions.

"Retail space in Hyprop's shopping centres continues to be in demand and any reduction in turnover levels due to the anticipated weakness in consumer spend in 2008 is unlikely to materially impact on income," it said.

The company expects distributions to rise between 12% and 14% for the year to December 2008 subject to market conditions remaining stable.

Source: I-Net Bridge