Tuesday, October 27, 2020

Covid 19 locks Turnstar profits out

Property company and BSE quoted – Turnstar Holdings has said that its rental revenues reduced by P12.3 million compared to the prior period.

The company recently issued a trading statement with regards to its half year results for the period ended 31 July 2020 and blamed the fall in revenue to lockdowns in Botswana, Tanzania and Dubai where it owns some malls. 

Turnstar’s property portfolio include amongst other Game City shopping Centre in the capital Gaborone, Nzano Shopping Centre, in Francistown, Fairgrounds Office Park, Mogoditshane, Supa Save Mall, Turnstar House, Main Mall, offices in Commerce Park, Mogoditshane Flats, Hyundai Warehouse, Tapologo Estates, as well as Mlimani city in Tanzania. 

In a statement, Turnstar board says the group’s profit before tax is expected to be lower by approximately 38 percent (P26.5 million) from P69.66 million from 31 July 2019 to P43,17 million on 31 July 2020. 

The company says the P12.27 million is a result from rental rebates granted to tenants whilst P13 million relates to unrealised forex exchange losses. 

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The Telegraph October 28

Digital edition of The Telegraph, October 28, 2020.