Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Redefine Properties First-Half Earnings Rise 8% on Rand Hedge

Don't Miss Out —
Follow us on:

May 8 (Bloomberg) -- Redefine Properties Ltd., South Africa’s second-biggest property company by market value, said first-half earnings advanced 8 percent as a weak rand boosted income from foreign investments.

Interim distribution, or earnings per share excluding non-cash adjustments, rose to 36.4 cents from 33.7 cents a year earlier, the Johannesburg-based company said in a statement today. Revenue increased 36 percent to 2.22 billion rand ($212.2 million).

“The rand hedges in our portfolio made a strong contribution to results, with our offshore assets comprising 14.7 percent of our total property base,” Chief Executive Officer Marc Wainer said in a e-mailed statement today.

The gain comes amid a challenging domestic market and increases in utility costs, the company said. Redefine, which holds assets of 44.5 billion rand, has about 4 billion rand of acquisitions in progress and the company said it has increased its stake in Fountainhead Property Trust to 66 percent.

“We are on track to deliver similar growth in distributable income per linked unit for the second half of 2014,” Wainer said.

Redefine shares have gained 1.1 percent this year, giving the company a market value of 30.3 billion rand. That compares with a 0.1 percent increase for Growthpoint Properties Ltd., the country’s biggest real estate company.

To contact the reporter on this story: Kamlesh Bhuckory in Johannesburg at kbhuckory@bloomberg.net

To contact the editor responsible for this story: Simon Thiel at sthiel1@bloomberg.net Ross Larsen, Andrew Blackman

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.