Johannesburg – Redefine Properties’ net profit for the six months ended February 28 2017 increased 250% compared to the previous period.
The bottomline of the listed Real Estate Investment Trust’s (REIT) more than doubled from R1bn reported in 2016 to over R3.5bn, according to the unaudited interim results released on Monday.
The group reported revenue generation of R3.6bn for the six months, up 8.4% compared to the same period in 2016. Operating profit increased 11.2% from R2bn to over R2.3bn. An interim dividend of 44.82c was declared, which is up 7.5%.