Tower lifts annual revenue and earnings despite ‘extreme challenges’
Cape-based Tower Property Fund CEO Marc Edwards is confident that the company will, during the 2018 financial year, avoid the problems that derailed its previous financial year. Tower delivered a resilient performance in “an extremely challenging operating environment in the year to May 2017”, increasing revenue 19% to R447m and distributable earnings 18% to R262m. Tower declared a distribution of 77.1 c per share for the year, 16% lower than the previous year, mainly because of the decision no longer to distribute once-off earnings to shareholders and uncertainty about the payment of rentals of its largest Croatian tenant, Konzum. The number of shares in issue increased 42%, during the reporting period. Tower diversified its portfolio abroad with the acquisition of a €66.4m retail property portfolio in Croatia comprising four shopping centres. This brought the value of its properties in the country to €96m. Tower’s Croatian arm has struggled to flex its muscle for the group. Its ma...
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