Hammerson profit plunges to less than 20% of the previous year’s figure
JSE-listed UK shopping mall owner Hammerson’s interim profit plunged to £55.7m — less than fifth of the matching period’s £287.1m. "The most significant variance was the net revaluation deficit on the group’s property portfolio of £40.1m in the first half of 2018 compared with net gains of £187.9m in 2017," Hammerson said in its interim results for the six months to end-June, released on Tuesday. During the reporting period, Hammerson spent £6.4m fighting off the hostile takeover attempt by France’s Klépierre and its decision to abandon its proposed merger with fellow JSE-listed UK shopping mall owner Intu. Despite the drop in profit, Hammerson raised its interim dividend 4% to 11.1 UK pence, which a weaker rand should amplify to about a 6% for its South African investors, its said. With the pound at about R17.60 on Tuesday, Hammerson’s dividend equates to about R1.95 from the matching period’s R1.83. The group reported a 4.75% decline in interim revenue to £152.5m. Hammerson intend...
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