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Wed 27 May 2009, 14:41 Merchant results March 09
The unaudited results for the six months ended 31 March 2009 reflect profit before interest of R3.87 million (R3.30 million). The bulk of this profit remains derived from the group's property division. Headline earnings per share have decreased to 8.0c from 14.1c. Interest expense amounted to R1.25 million (R1.19 million). The group's permanent portfolio of shares in foreign listed investments and currencies reflects a market value in South African currency of R22.57 million (R32.34 million). The decrease is due to devaluation of international markets and the strengthening rand. 

Dividend
An interim dividend of 7.0c per ordinary share has been declared in respect of the six months ended 31 March 2009. 
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