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South Africa’s Redefine Properties reported a 62.7% decline in half-year headline earnings on Monday, due to asset sales and further rental relief to financially distressed tenants and said that it may pay a dividend.
The owner of retail, office and industrial properties said headline earnings per share, the main profit measure in South Africa, fell to 8.45 cents in the six-months that ended February 28, from 22.63 cents a year earlier.
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By Reuters Staff
2 Min Read
JOHANNESBURG (Reuters) - South Africa’s Redefine Properties reported a 62.7% decline in half-year headline earnings on Monday, due to asset sales and further rental relief to financially distressed tenants and said that it may pay a dividend.
The owner of retail, office and industrial properties said headline earnings per share, the main profit measure in South Africa, fell to 8.45 cents in the six-months that ended Feb 28, from 22.63 cents a year earlier.
During the period, total relief granted to its tenants amounted to 107.3 million rand ($7.58 million), made up of rental discounts of 81.5 million rand and deferred rental payments of 25.8 million rand, Redefine said.
Redefine Properties is accelerating an expansion into the logistics space in Poland and at home, its chief executive officer said after the company reported a 62.7% decline in half-year headline earnings on Monday.
Redefine Properties welcomes CRL Rights Commission’s cultural diversity training recommendations 30 April 2021 - 14:47 Image: Twitter via Kgopolo Mphela
Redefine Properties says it welcomes the recommendations made by the CRL Rights Commission regarding the incident involving Ndebele cultural activist Thando Mahlangu and its centre manager Jose Maponyane.
Mahlangu was thrust into the spotlight after he was instructed by Maponyane to leave the Boulders Shopping Centre because he was dressed “inappropriately”. Mahlangu was wearing his traditional Ndebele attire.
The company which owns the shopping centre said the recommendations are aligned with its intention to ensure recognition of the rights of all South Africans.