Texton Property Fund has deferred a decision on a final dividend for its year to end-June, when distributable earnings came under pressure from foreign exchange losses.

Distributable earnings fell 53.4% to just under R125m in the group’s year to end-June, amid R90m in foreign exchange losses, partially due to Texton terminating cross-currency interest rate swaps to reduce risk. This refers to an agreement where a party switches interest-rate payments from one currency to another...

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