Property disposal boosts Turnstar profit

Abdoola
Abdoola

The recent sale of Turnstar Holdings’ Fairground Office Park property to Botswana Life Insurance has generated a profit of P7.5 million for the year ended January 31, 2016.

The proceeds from the disposal helped boost the property giants’ year-end profits, which rose 23 percent to P149 million. Managing director, Gulaam Husain Abdoola stated in the recently published group’s financial results for the period that Turnstar completed the sale of the property for a sum of P129 million, excluding value added tax (VAT).

“The proceeds of the sale will be reinvested in further yield enhancing opportunities,” he said.

Editor's Comment
Closure as pain lingers

March 28 will go down as a day that Batswana will never forget because of the accident that occurred near Mmamatlakala in Limpopo, South Africa. The tragedy affected not only the grieving families but the nation at large. Batswana throughout the process stood behind the grieving families and the governments of Botswana and South Africa need much more than a pat on the back.Last Saturday was a day when family members said their last goodbyes to...

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