Dolmen City REIT reports increase in profitability by 74%

MG News | January 18, 2019 at 03:40 PM GMT+05:00

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January 18, 2019 (MLN): The profits for Dolmen City REIT have shown a growth of 74.38% for the half year ended December 31, 2018, as compared to the corresponding period last year. The rise in profitability was attributed to a number of factors, including change in the value of fair property and zilch taxation.

The topline earnings of the company surged by 7.31%, whereas administrative and operating expenses fell by 4%, creating a positive impact on the bottom-line earnings.

The company reported Earnings per share at Rs 1.95 for the said period, a 74% increase from the EPS reported during the same period previous year.

Moreover, the Board of Directors of the company approved an interim cash dividend of Rs 0.33 per unit i.e. 3.3%. This is in addition to interim dividend already paid at Rs 0.33 per share.

Profit and loss account for the six months ended December 31th 2018
	Dec-18	Dec-17	% Change
INCOME
Rental income	1,613,208	1,498,233	7.67%
Marketing income	86,783	85,958	0.96%
	1,699,991	1,584,191	7.31%
Administrative and operating expenses	-227,154	-236,664	-4.02%
Net operating income	1,472,837	1,347,527	9.30%
Other income - profit on deposits	56,912	69,173	-17.73%
	1,529,749	1,416,700	7.98%
Management fee	-44,185	-40,426	9.30%
Sindh Sales Tax on management fee	-5,744	-5,255	9.31%
Trustee remuneration	-7,364	-6,738	9.29%
Sindh Sales Tax on trustee remuneration	-957	-876	9.25%
	-58,250	-53,295	9.30%
Profit before change in fair value of investment property	1,471,499	1,363,405	7.93%
Change in fair value of investment property	2,871,907	1,127,354	154.75%
Profit before taxation	4,343,406	2,490,759	74.38%
Taxation
Profit after taxation for the period	4,343,406	2,490,759	74.38%
Earnings per unit - Basic and diluted	1.95	1.12	74.11%

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