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.

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