Hyprop raises dividend, despite dips in revenue and profit
Property group Hyprop declared a dividend of 376.3c per share for the six months ended December 2017, an increase of 8.3% on the corresponding period in 2016.Revenue and profit came in slightly lower than in the corresponding period on 2016. Revenue fell to R1.54bn from R1.62bn a year earlier. After-tax profit dipped to R1.43bn from R1.55bn.The group said on Friday its local shopping centres had achieved positive trading results, despite the difficult economic and political conditions in SA during the period, which had a negative effect on consumer confidence.Like-for-like growth in distributable earnings (excluding properties sold) for the period was 2.1%.Income was negatively affected by construction work at The Glen, Rosebank Mall and Canal Walk, and vacancies as a consequence of Stuttafords vacating Clearwater Mall, Rosebank Mall and Canal Walk in May 2017.Hyprop’s vacancy rate fell to 1.6% at end-December, from 2.4% at end-June but was higher than 1.1% at end-December 2016.In...
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