Gross revenue decreased by 19.70% to R26.03 million (R32.42 million) while operating profit decreased by 3.20% to R7.93 million (R8.19 million). Fairvest reported a headline loss of 9.28c per linked unit (loss of 4.29c per linked unit).
Post balance sheet events
In terms of agreements dated 8 August 2006, Palms Office Park Units 215, 216 and 217, located in Nupen Crescent, Midrand, were acquired for purchase considerations of R3.25 million, R3.75 million and R3.25 million respectively. Transfer in respect of these acquisitions are imminent. The Mangrove Centre and the Nedbank Circle properties were sold by group subsidiary companies for net considerations of R17.1 million and R26.25 million respectively.
Distributions
No interest distributions or dividends have been made for the year under review in respect of the linked units and none are proposed at this stage.
Prospects
Fairvest is engaged in negotiations and in the process of implementation of transactions that may have a material effect on the price of Fairvest securities.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
