INTERIM RESULTS
Property group Orion’s earnings plummet nearly 48%
Trading conditions remained difficult in the reporting period but the company’s future prospects have improved, says management
Property group Orion Real Estate reported headline earnings a share of 42c for the six months to December 2016, nearly 48% lower than the 80c for the matching period a year before. Management said that while trading conditions had remained difficult during the reporting period, the company’s future prospects had improved, with an increase in revenue because of an uptick in occupancy levels and improved controls being implemented. Orion’s revenue increased 11.45% from R42.8m to R47.7m when comparing the two periods. "This is as a result of the normal lease escalations as well as a marginally better occupancy rate within our properties," said CEO Franz Gmeiner. A change in accounting policy also increased the group’s overall income. In the prior year, the gross revenue line included finance income from interest on overdue debtor accounts, while in the current year interest on overdue accounts has been shown in the finance income line on the face of the income statement. A dividend rel...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.