Sycom distribution increases

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Sycom Property Fund (SYC) has reported a 4.2% increase in its distribution per linked unit to 84.43 cents for the six months ended September 2012 over the comparative period last year.

The interim results are in line with guidance provided for the full year to March 2013‚ the company said.

Revenue for the period rose to R297.99 million from R261.37 million‚ but profit declined to R184.76 million from R205.12 million.

Basic earnings per share declined to 74.32 cents from 94.88 cents a year ago.

The company said demand for “A” grade offices continued to improve during the period‚ with the vacancy rate declining from 5.1% at end March 2012 to 3.7% at the end of September 2012.

Sycom´s SA retail portfolio continued to show good underlying growth‚ with tenants reporting a 7.5% increase in their turnovers for the 12 months to end September 2012 compared to the same period in the previous year.

Looking ahead‚ the board has reaffirmed the guidance issued in its March 2012 results announcement‚ and expects distribution growth in the order of 5% for the full year ending March 2013.

“Taking into account first half distribution growth of 4.2%‚ the board expects distributions to increase by just under 6% in the second half of the current financial year compared to the same period in the prior year‚” it said. - I-Net Bridge

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