Orion Real Estate: Headline earnings double for full year

ORION Real Estate had shown growth and positive results in several areas in the year to June, the listed property firm reported yesterday. Headline earnings a linked unit more than doubled to 0.62c from 0.30c in the previous year. Gross property revenue grew by almost 11 percent to R96.7 million while the increase in direct property operating costs, administrative and management expenses and repairs and maintenance was contained to 4.6 percent at R76.3m. The value of its property portfolio increased by 3 percent to R783.2m, while the average vacancy factor of the portfolio improved to 12.4 percent from 15.4 percent. Orion acquired a property in Lydenburg for R9.5m during the year and disposed of three, in City Deep, Laser Park, and Marlboro, for a profit of R1.5m compared with the book values. No dividends were paid or declared. Chief executive Franz Gmeiner said despite the number of challenges facing the economy, Orion remained confident that enough opportunities were available to ensure success. Orion would continue efforts to expand its portfolio and redevelop its properties, and maintain its strategy and focus. The linked units were untraded at 33c yesterday. – Roy Cokayne