Indluplace impacted by the fair value adjustments
CAPE TOWN – Indluplace, the Johannesburg Stock Exchange (JSE) listed South Africa focused affordable residential rental group, said on Wednesday that 8.8 percent lower distributable income of 34,17 cents a share for the six months to March 31 had been impacted by the fair value adjustments, derivatives and loans to participants of a company share scheme.
The group said in its results that while distributable income was in line with guidance, earnings were negatively affected by investment property fair value adjustments of R35.2 million, derivatives of R19.4 million and loans to participants of the Indluplace Share Purchase and Option Scheme of R42.6 million.
The company said its revenue was up 5.1 percent to R334.4 million, while operating profit was down 1.3 percent to R167.4 million. Headline and diluted headline earnings a share was down 65.3 percent to 12.22 cents.
Dividend per share was down 100 percent to 37,49 cents, but the board deferred the decision to declare a dividend to the end of the financial year due to the uncertain environment through the Covid-19 pandemic.
The company was listed on the JSE in June 2015 and owns a R4.1 billion portfolio of 9 668 residential units and 18 834 square metres of associated retail space.
By utilising outsourced property managers for the different portfolios, Indluplace ensures its portfolio remains professionally managed to provide positive investment returns, while providing value for money accommodation and service to all its tenants.
The share price unchanged at R2.68 soon after the opening of the market on Wednesday.