Dolmen City REIT’s net earnings leap by 36% in FY19
MG News | September 17, 2019 at 04:31 PM GMT+05:00
September 17, 2019 (MLN): The Board of Directors of Arif Habib Dolmen REIT Management Limited, the Management Company of Dolmen City REIT, discussed and announced the financial results for the year ended June 30, 2019.
According to the report issued to the PSX, the company generated net earnings of Rs. 6.8 billion (EPS: Rs. 3.09) during the period, which translated into a growth of 36% over the earnings of last year.
The company majorly benefited from increase in the fair value of investment properties by 68%, as well as absence of income tax expense.
Whilst the Board declared no dividend during the meeting, it has already declared a final cash dividend of Rs. 0.33 per unit i.e. 3.3% and interim dividends of Rs. 0.99 per unit i.e. 9.9% in its earlier meetings. On cumulative basis, the Scheme has approved dividend of Rs. 1.32 per unit i.e. 13.2% for the year.
| Profit and loss account for the year ended June 30, 2019 (Rupees'000) | |||
|---|---|---|---|
| June, 2019 | June, 2018 | % Change | |
| INCOME | |||
| Rental income | 3,344,499 | 3,046,978 | 9.76% |
| Marketing income | 182,606 | 210,165 | -13.11% |
| Administrative and operating expenses | -513,267 | -484,207 | 6.00% |
| Net operating income | 3,013,838 | 2,772,936 | 8.69% |
| Other income - profit on deposits | 139,613 | 112,842 | 23.72% |
| Management fee | -90,415 | -83,194 | 8.68% |
| Sindh sales tax on management fee | -11,754 | -10,815 | 8.68% |
| Trustee remuneration | -15,069 | -13,866 | 8.68% |
| Sindh sales tax on trustee remuneration | -1,959 | -1,803 | 8.65% |
| Profit before change in fair value of investment property | 3,034,254 | 2,776,100 | 9.30% |
| Change in fair value of investment property / unrealized gain | 3,835,334 | 2,279,168 | 68.28% |
| Profit before taxation | 6,869,588 | 5,055,268 | 35.89% |
| Taxation | |||
| Profit after taxation | 6,869,588 | 5,055,268 | 35.89% |
| Earnings per unit - Basic and diluted | 3.09 | 2.27 | 36.12% |
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