Sycom Property Fund H1 headline earnings drop to 94.32c

File Photo: Sycom Property Fund CEO Paul Theodosiou

Sycom Property Fund (SYC) reported on Thursday headline earnings per unit for the six months to end September dropped to 94.32c from 102.16c in the 2013 interim period.

The board reported a distribution of 96.62c per unit (cpu) for the six months‚ an increase of 9.7% over the previous corresponding period.

Profit for the period amounted to R191.8m from R527.3m in the previous corresponding period in 2013. Headline earnings softened to R188m from R277m. Borrowings amount to R2.9bn.

Revenue from offices came in at R199.9m and from retail operations at R167.9m.

Sycom’s merger with Acucap Properties over the period resulted in Acucap increasing it's holding in Sycom to 83.4%. Growthpoint Properties holds 15.6% of Sycom's units‚ and minorities hold the residual 1%.

On Wednesday, Growthpoint agreed to an R8.3bn takeover of Acucap Properties.