Wilson Bayly Says Australia Property Gains Boost Earnings

Wilson Bayly Holmes-Ovcon Ltd., a South African builder, said more residential projects at its Australian unit helped boost revenue by 43 percent in the six months through December.

Net income rose 5.4 percent to 380.1 million rand ($42.8 million, compared with 360.6 million rand a year earlier, while sales increased to 12 billion rand, the company said in a statement today.

“All divisions showed increased revenue with a major increase of 61 percent for Australia resulting from increased activity in the high-rise residential market,” WBHO said.

WBHO shares closed 2.4 percent higher in Johannesburg on 152.50 rand. The stock has declined 2.8 percent this year compared with a 1.3 percent gain in the FTSE/JSE Africa Construction & Building Materials Index.