Resilient ups distribution

Resilient Property Income Fund (RES) on Tuesday reported a slight decline in headline earnings per share for the six months ended June to 104.1 cents from the previous period’s 122.87 cents.

It also declared a distribution of 120.74 cents per linked unit for the same period‚ a 10.4% increase from the previous period.

“This growth is the result of strong performance by both the property portfolio and listed equities‚ particularly Nepi and Fortress B. The highlights for the period were the commencement of construction of Secunda Mall and Tubatse Crossing (previously referred to as Burgersfort Mall)‚” the group said.

It also said its board has committed R600 million to this initiative with Standard Bank and Shoprite Checkers as partners.

“Considerable progress has been made in establishing the necessary legal structures in Mauritius and Nigeria to enable the partnership to commence operations. Resilient Africa has entered into memoranda of understanding with two local land owners with the objective of commencing construction of the first retail centre early in 2013‚” Resilient said. - I-Net Bridge