MICC - MICC Continues Strong Operational Performance, Distribution Growth
MICC PROPERTY INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2003/013404/06)
South African Share Code: MCP
Namibian Share Code: MCO
ISIN: ZAE000050175
For further information call
Gerhard van Zyl, CEO Vukile Property Fund Limited
on (011) 288 1002
MICC CONTINUES STRONG OPERATIONAL PERFORMANCE, DISTRIBUTION GROWTH
Johannesburg, 24 May 2005 - Listed property loan stock, MICC Property Income
Fund Limited, today announced interim results showing sustained growth in
revenue, profit and distribution for the six months to March and said the
outlook for its foreseeable future was positive.
Gross property revenue totalled R91.8 million against R90.3 million for the
comparable six months in 2004 while net profit before debenture interest was up
from R26.8 million to R30.5 million. An interim distribution of 41.5 cents per
linked unit was declared which compares well with the distribution of 37.0 cents
for the comparable six months in 2004.
Today`s announcement noted that MICC had not acquired or sold any properties
during the review period but that it had reduced the number of management
companies for its investment properties from nine to three. Over the six
months, the vacancy levels in its portfolio deteriorated marginally from 6.1% to
6.9%.
In January, MICC became a subsidiary of another listed property loan stock
company, Vukile Property Fund Limited, which had acquired 74.35% of its issued
capital through an offer to linked unitholders. To realise synergies and reduce
costs between the two companies, MICC has entered into a fixed-term management
agreement with Vukile from 1 April 2005. Strategic executive responsibility
remains vested in the MICC board, which has been joined by Vukile chief
executive, Gerhard van Zyl and financial director, Mike Potts.
Issued by du Plessis Associates on behalf of Vukile Property Fund Limited.
dPA contact Kathy du Plessis Tel : +27 11 728 4701, Fax: +27 11 728 2547,
Mobile: 083 266 5847 or e-mail: vukile@dpapr.com
Date: 24/05/2005 10:01:05 AM
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