JOHANNESBURG (Reuters) – South Africa’s Emira Property Fund said on Wednesday that its distributable earnings were 558.0 million rand ($29.29 million) in the nine months to the end of March, versus 673.9 million rand in the 12 months to the end of June 2022.
The company has moved its year-end from June 30 to March 31 and said the figures it gave on Wednesday were not comparable.
Its distributable income per share – the primary profit measure in real estate investment trusts (REITs) – was 106.76 South African cents for the nine months to the end of March.
The company, which owns retail, commercial, industrial and residential properties across South Africa, is facing increased operational costs for back-up power systems as the country faces record electricity outages lasting up to 10 hours a day.
Its shares were last trading on the Johannesburg Stock Exchange at 869 cents, down more than 2% from Tuesday’s close.
($1 = 19.0479 rand)
(Reporting by Tannur Anders; Editing by Bhargav Acharya and Alexander Winning)