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Vunani Property increases revenue

Sep 17 2012 11:23
I-Net Bridge

Johannesburg – Vunani Property Investment Fund Limited on Monday reported a 48.44% jump in revenue for the year ended June 2012 to R165.8m from the R111.7m recorded for the previous year.

The global financial turmoil persists and international economists and financial analysts are of the opinion that the status quo could continue for some time‚” Vunani said in a JSE Sens announcement on Monday.

“Whilst SA can take comfort from being partially insulated from the effects of global trends‚ the local economic conditions remain subdued with real GDP growth expected to remain around the higher end of 2% in the near term‚” it said.

The group’s headline earnings per linked unit dropped by 55.20% to R4.3m from the R9.6m recorded in 2011.

Vunani’s portfolio grew by 82% to R1.4bn.

“We are very pleased with the results. Despite a tough market we remained focused on our listing promise to grow the fund through refurbishments and yield-enhancing acquisitions” said CEO Rob Kane.

“We grew the portfolio by 82%‚ maintaining a very low 5.8% vacancy rate. Our expertise in building refurbishment saw an 89% tenant retention‚ which is very important in these difficult markets. I am confident that we will continue to deliver on our strong distribution growth going forward‚” Kane added.

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