Delta Property H1 diluted headline profit per linked unit 38.62c vs 40.66c

Delta Property (DLT) delivered diluted headline profit per linked unit for the six months ended August 2014 of 38.62c from 40.66c in the year-earlier period‚ the property fund said on Monday. An interim distribution per linked unit of 40.01c was declared‚ up 23.1% from 32.51c the year-earlier period. Delta’s portfolio at the end of August 2014 comprised 78 strategically located and high-grade properties‚ valued at R7.2bn‚ the fund said. Delta also held a R501.3m investment in Delta International Property Holdings. Delta International is the JSE’s first property company to directly invest in real estate outside South Africa and currently offers exposure to Morocco and Mozambique. The South African property market continued to face challenging conditions‚ with low economic growth and rising costs‚ the fund said. “Despite these factors‚ Delta remains confident that focusing on fundamentals such as maintaining a defensive core portfolio‚ a long lease expiry profile and by actively managing refinancing and interest rate risks‚ it is well positioned to achieve double-digit distribution growth going forward‚” it said.
08 Dec 2014
Author SA Property Market.