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Pinnacle arrests losses

Johannesburg - Property group Pinnacle Point Group [JSE:PNG] reported on Tuesday that its diluted headline loss per share was reduced to 0.99 cents for the six months ended August 2010 from a 1.40 cent loss per share a year ago.

The net loss for the group in the period under review was R74.2m  while the headline loss amounted to R69.6m.

Pinnacle said core headline profits for the period amounted to R1m after adding back the loan impairments compared to a headline loss of R30.6m for 2009.

Revenue was up on the same period for 2009 at R144.4m compared with R9.2m mainly due to the disposal of the Gardener Ross Golf and Country Estate properties.

No dividend was declared.

"The Group's gross profit margin remains under pressure due to high standing time costs and development expenditure on completed developments such as Pinnacle Point and Clarens, which is expensed," it said.

"The related finance costs on these developments were also expensed during the period, resulting in finance costs on development facilities expensed during the period, increasing slightly to R14.6m from R12.5m," it said.

Pinnacle said after an improvement in the property market in the first quarter of this financial year, growth has slowed.
 

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