Atlas Boosts Earnings
ATLAS PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/000742/06)
Share code: ATS
ISIN: ZAE000008975
(`Atlas`)
ATLAS BOOSTS EARNINGS
Atlas Properties Limited, (`Atlas`) the Cape based property loan stock company
has maintained its record of consistent earnings growth by increasing by 6,1
percent its distribution to unitholders for the year ended 30 September 2004. A
final dividend and interest on debentures of 57,334 cents has been declared.
Atlas has proved itself to be one of the top performers in the sector.
The company has been notching up total returns of 21% per annum compound since
1993 when the current management team took over the management of the company.
In the course of the past twelve months, Atlas` share price has risen from 900c
to 1050c.
Peter Irvine, the chairman of Atlas, says that property should be an essential
part of any investment portfolio and he expects renewed institutional interest
in property as an asset class.
`Over the past decade fund managers have reduced their property holdings but we
anticipate seeing a renewed focus on hard assets that yield good income returns.
The fundamentals for the non-residential property market are looking very solid
on the back of a stronger economy and growth,` he said.
Irvine attributes the company`s good performance to its structure. Internal
division, Atlas Management Services, both manages the company and operates in
property asset management, project management, development and broking. He
believes this integrated strategy gives Atlas an edge over other companies in
the sector.
During the year, Atlas developed a new parking garage at Howard Centre in Cape
Town and extensively upgraded the Centre. This investment is in line with
Atlas` strategy of investing in low risk quality retail properties.
The upgrade will enhance the already strong retail component of Atlas.
Looking ahead, Irvine believes the company is well positioned to continue to
provide increased earnings to unitholders for the forthcoming year.
25 November 2004
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