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Profit rise for Acucap

Johannesburg - Acucap Properties [JSE:ACP] on Thursday posted a 6.3% rise in total distributions to 275.63 cents per unit for the year ending in March from the previous year.

Revenue was up R624.2m from R552.1m. Profit for the year was up R427.5m from R124.9m last year.

"In spite of historically low interest rates, businesses and consumers remained cautious, and this is likely to persist until the economic outlook becomes clearer," Acucap said.

Reported tenant revenue in Acucap's retail portfolio grew by 7.6% in nominal terms during the year under review compared with the previous period, but by 4.9% for the quarter ending in March, compared with the same quarter last year.

"While this suggests that consumer spending may be losing momentum, the month of April produced a return to double-digit turnover growth, 11.5% higher than the same month last year," Acucap said.

Vacancy rates remained low across Acucap's retail portfolio, ending the year at 2.9%, while net income growth from the fund's retail assets was 13%. Vacancies remained low in Acucap's high-quality office portfolio, ending the year at 3.5%.

Distributions received from Acucap's investment in Sycom Property Fund were slightly lower at 156.67c per unit, compared with 159.34c per unit in the previous year. This was largely due to cyclical weakness in the office market, where Sycom's vacancies increased from an average of 8.2% for 2010 to an average of 10.9% for this year.
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