Texton defers dividend amid Covid-19 pressure
The group is under strain from foreign-exchange losses in its year to end-June, and expects further pressure on the property sector
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...