Acsion: Net profit after tax reaches R40.8m

Published May 29, 2015

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ACSION, the listed specialist commercial, retail and residential property developer and owner, yesterday reported a 6 percent growth in normalised net asset value to R11.56 a share in the three months to February. The company differentiates itself from traditional real estate investment trusts by focusing on delivering superior net asset value growth mainly by enhancing existing properties and completing value accretive developments. Revenue for the period totalled R107.4 million and net profit after tax R40.8m. The direct property expenses to rental income ratio for the period was 11.08 percent. The in-house developed existing portfolio consisting mostly of retail assets with a total gross lettable area of 188 716m² was independently valued at R3.25 billion at listing in December. Weighted average vacancies in the core portfolio were at 5.05 percent, of which 1.86 percent were strategic vacancies for the expansions and tenant relocations at Mall@Carnival and Mall@Reds. Kiriakos Anastasiadis, the founder and chief executive of Acsion, said the company had a development pipeline at an estimated cost of R1.98bn. Acsion shares on the JSE fell 6.98 percent to R10. – Roy Cokayne

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