PrimeTime profits decline

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PrimeTime Property Holdings Limited has recorded a 7.6 percent decline in profits to P19.5 million for the six months period that ended February 28, 2013.

"With government tightening its purse strings, disposable income - particularly in the outlying areas more reliant on public sector employment - is taking strain. In addition, the emergence of new office space in Gaborone has put pressure on rentals in the other areas of the city," reads the company's published results on the Botswana Stock Exchange (BSE) website.The company says although disposable income, which is particularly reliant on public sector employment, is strained, the annual revaluation of the property portfolio showed a P26 million increase over prior values, being cost for new additions and prior year value for existing properties. 

However the cost of new acquisitions this year and the total value of the company's properties has increased by over 13 percent from P445 million in 2011 to P505 million in 2012.In a statement, the company indicated that it is adopting strategies to strengthen its asset base through putting some profits back into several major improvements to existing properties.Recently, the company purchased properties in Zambia for investment with conditions of sale and leaseback to the vendor.

Editor's Comment
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