Mlimani shines for Turnstar
Boitshepo Majube | Tuesday April 29, 2014 12:48
Mlimani paid a dividend of P15.8 million to the holding company, for the year end 31 January 2014. The company stated that Mlimani City Tanzania would be expanded to include additional retail and commercial space including basement parking, additions to the conference centre and a Botanical garden.
“The additional space is fully pre let,” states the company.
At the last financial presentation, managing director Gulaam Abdoola noted that Tanzania was a good market for Turnstar, and pointed out that company’s earnings from the East African country are in US Dollars. Abdoola said demand for office space in Tanzania was very high, adding to their quest of investing more in that country.
Overall company revenue increased by 10.2 percent, with an impressive 16 percent increase in lease revenue, to P223.1million. The company stated that investment income of P20.45 million consists of interest earned from investment debentures of Mlimani Holdings Limited.
“Finance costs reduced by 13.89 percent to P13.6 million due to repayment of USD loan and reduction in interest rates,” Turnstar directors said, further noting that Turnstar fair value of investment property increased by 200.1 million.
Turnstar group earnings per share are 54.56 thebe per share up from 23.40 thebe per share. The group stated that group tax charge of P70.8 million comprises wholly of deferred tax charge calculated in accordance with IAS 12.
“Group profit before fair valuation of investment property and tax increased by 32.6 percent from P104 million in 2013 to P138 million,” directors stated, adding that the group declared total interest and distribution of 17thebe per share.
Meanwhile Company Directors announced the imminent expansion of Game City, which would be expanded to include additional retail space including Fashion Avenue, restaurant area including food court, entertainment area and a parkade. “The additional space is 80% pre let.”
The company stated that a dividend income of P8,204,193 is being distributed out of dividend income from an IFSC Company. “This is exempt in the hands of ultimate shareholders.”