Delta Property Fund, a specialist black-managed and substantially black-owned REIT with a significant sovereign underpin, is progressing well with turnaround: net operating income increased by 10.34% to R721.4 million for the year ended February 28.
Cash inflow from operations remained strong at R565.4 million, which was mainly used to repay finance costs of R446.4m, taxation of R27.2m, net capital expenditure of R44.6m, lease liability settlements of R3.9m, and net debt repayments of R92.9m.
“Our turnaround strategy continues to gain momentum, notwithstanding the macro-economic pressures. It is pleasing to see the impact of our disposal strategy, prudent debt management, rigorous cost control measures, lease renewals, and concerned efforts to reduce office vacancies,” said CEO Bongi Masinga.
Group chief financial officer Fikile Mhlontlo noted that revenue remained relatively stable, tracking 2% down…
