NAP profits rise in stable property market

The group’s distributable income for the six months has increased by 10% to P67.7 million from P61.5 million that was recorded in the prior year, resulting in a first half distribution of 11.21 thebe per linked unit.

According to the group’s managing director, Tobias Mynhardt the increase in distributable income is attributable to a 9.4% increase in net rental income before adjustments, a 6.9% increase in net finance income and flat portfolio costs.