VKN - Vukile Property Fund Limited - Vukile Blooms
VKE
VKE
VKN - Vukile Property Fund Limited - Vukile Blooms Despite Economic Blues
Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE Share code: VKE & ISIN: ZAE000056370
NSX Share code: VKN
("Vukile" or "the company")
VUKILE BLOOMS DESPITE ECONOMIC BLUES
Johannesburg, 23 May 2008 - Property loan stock company Vukile today reported a
23.2% increase to R264.6 million in net profit available for distribution for
the full year to 31 March and posted a 17.0% rise to 48.0 cents per linked unit
in the final distribution for the last six months, making the total for the year
88.25 cents per linked unit, an increase of 15.0% over the previous year.
Net asset value increased by 10.8% to 890 cents per linked unit year on year
while the valuation of the company`s property portfolio rose by 11.8% to R4.32
billion compared to March 2007. Vukile said it had enhanced the quality of its
portfolio during the course of the year through acquisitions and developments
totalling some R250 million while the vacancy level of its portfolio reached an
all time low of 2.8%. Chief executive Gerhard Van Zyl said the cost of debt of
the company had not been affected by interest rate increases as virtually all of
Vukile`s debt is hedged or fixed but he did anticipate a slowdown in the trading
environment amid fiscal pressures, decreased consumer spending and the
electricity crisis. This slowdown, he said, would however be offset by the
continuous shortage of space - particularly in the industrial and commercial
sectors - which could result in continued upward pressure on rentals.
"In spite of the general slowdown in the economy, property fundamentals remain
fairly strong. We are therefore optimistic that the company is on track to
deliver reasonable growth in distributions in the forthcoming year," van Zyl
said.
For further information contact CEO Gerhard van Zyl on 011 288 1002
Issued by du Plessis Associates on behalf of Vukile Property Fund Limited.
dPA contact Helen McKane Tel : +27 11 728 4701, Fax: +27 11 728 2547, Mobile:
082 330 2034 or e-mail: vukile@dpapr.com
www.vukileprops.co.za
Date: 23/05/2008 15:30:01 Produced by the JSE SENS Department.
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