Property disposal boosts Turnstar profit

Thursday, April 28, 2016

The recent sale of Turnstar Holdings’ Fairground Office Park property to Botswana Life Insurance has generated a profit of P7.5 million for the year ended January 31, 2016.

The proceeds from the disposal helped boost the property giants’ year-end profits, which rose 23 percent to P149 million. Managing director, Gulaam Husain Abdoola stated in the recently published group’s financial results for the period that Turnstar completed the sale of the property for a sum of P129 million, excluding value added tax (VAT).

“The proceeds of the sale will be reinvested in further yield enhancing opportunities,” he said.

Already have an active account? Log in here.

Or Sign up and get unlimited access to premium articles.

selefu

26 m ago

Tribunal cancels P1.8bn tender

Innocent Selatlhwa | 22 Nov 2024

Khama IV finally breaks BaNgwato royal jinx

Sechele Sechele | 22 Nov 2024

May we borrow your youth?

Bongi D D M Radipati | 22 Nov 2024

Boko’s fiscal path takes shape

Mbongeni Mguni,Pauline Dikuelo,Lewanika Timothy | 22 Nov 2024

BDP was never a liberation movement

Monageng Mogalakwe | 22 Nov 2024

Housing provision tops Boko’s priorities

Spira Tlhankane | 22 Nov 2024

Boko ‘mute’ on immediate promises

Spira Tlhankane | 22 Nov 2024

The corrupt must be punished

The findings reveal a disturbing pattern of misconduct and lack of transparency that cannot be ignored.The Tribunal, led by Judge President Justice Kabelo Lebotse, has rightly condemned the Ministry for its eyebrow raising conduct in awarding a P1.8 billion water tender to China Civil Engineering Construction Corporation (Pty) Ltd and Zhong Gan Engineering & Construction Corporation (Pty) Ltd.The award was made despite alleged clear evidence that...

Mmegi Editor | 22 November 2024

About us

Mmegi is the leading independent source of breaking news, latest news, current
affairs, Politics, Business, Sport, debates, analysis, and entertainment news in Botswana.

Explore

More