Owner of Rosebank Mall hit by dire operating conditions
Dividend cut by 20% as Hyprop suffers one of its worst half years since listing in 1988
Mall owner Hyprop Investments’ dividends for the six months to end-December fell a fifth in one of its worst half-year performances since listing in 1988.
The company’s dividend would have fallen 13% but was worsened by its decision to pay out just 92% of its distributable income. Previously it paid out 100% to shareholders. Hyprop wanted to hold on to the cash in order to manage capital expenditure and still meet its dividend guidance...