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Fortress profit surges

Fortress Income Fund grew its profit fourfold in the six months to December, while distributions grew 10.9 percent, the property group announced yesterday.

The company, which owns 111 investment properties, said profit attributable to its equity holders rose to R203.9 million in the six months to December from R50.8m a year earlier.

Profit before the R270.2m net finance costs stood at R573.7m, a significant increase from R276.48m in 2011.

Net rental and related revenue grew to R246.5m from R178.7m. The A units climbed 0.33 percent to close at R15.40 yesterday. – Londiwe Buthelezi

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