Sable reports 54% drop in net profit for the year
September 29, 2003
By Vera von Lieres
Cape Town - Property and treasury investment company Sable Holdings more than halved net profit in a difficult full year to June but said on Friday it was poised for new developments in the next six months.
Directors said in the results statement that the development of an up-market residential project for resale in Lonehill, Fourways, would start next month.
Expansion to the Hobart Road shopping centre in Bryanston, Sandton, would start early next year. This project would add about 3 800m2 of lettable space to the centre.
Sable said its treasury investment in the Appleton global hedge portfolio, which consisted of global fund managers using different investment strategies, had reversed some of its historical currency gains but at the same time had maintained its dollar-based unit fund price.
In the year to June the headline loss a share came in at 78.6c, compared with headline earnings a share of 105.5c a year ago. Net profit slumped 54 percent to R4.4 million on a 41.5 percent fall in turnover to R16.8 million.
The dividend was pegged at 10c a share, half of what was declared a year ago.
Directors said the company had developed and let its residential developments at the Wanderers Country Club in Johannesburg and Allen's Nek in Roodepoort.
The shares ended 80c lower at R5.20 on Friday.
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