NAP earnings jump on higher rentals

Tuesday, November 03, 2015

An increase in net rental income and operating profit helped property investment company, New African Properties (NAP) register a 7.7 percent increase in distributable earnings for the year ended July 31, 2015.

During the year, distributable earnings amounted to P117.4 million or 19.43 thebe per linked unit, an increase on the comparable P109 million (18.03 thebe per linked unit) on the prior year.

Management attributed the growth to a 9.6 percent increase in net rental income and a corresponding 9.3 percent increase in operating profit, offset by lower net investment income following decreases in interest rates.

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