Turnstar Holdings Limited recorded an increase in revenue and profits for the year ended 31 January 2015. In its audited group financial results, Turnstar recorded a six percent increase in lease revenue to P235.7 million and eight percent increase in profit from operations before tax and fair value adjustment. The company further recorded a four percent increase in investment property value to P 1.79 billion.
Turnstar’s subsidiary, Mlimani contributed P103.5m to the total group revenue of P235.8 m, representing 44 percent. Mlimani’s contribution to Turnstar’s investment property value was P784.9 m, which is 44 percent of the total group investment property value of P1.79 bln.
Turnstar revenue increased by three percent to P 132.2 m. The group’s finance income of P 22.24 m includes interest of P 19.59m, earned from investment in debentures of Mlimani Holdings Limited.
The group’s finance costs reduced by 11 percent to P12.2m due to repayment of USD loan and reduction in interest rates. Fair value of investment property increased by 6.4m while profit before taxation for the year ended 31 January 2015 went up by nine percent before fair value adjustment. The group consists of Turnstar Holdings Limited (Botswana), Island View (Proprietary) Limited, Botswana and Mlimani Holdings Limited Tanzania.
The group’s earnings per share (EPS) are 24.04 thebe per share while group tax charge of P 20.8m comprises wholly of a deferred tax charge. Group profit before fair valuation of investment property and tax increased by eight percent from P 138m (2014) to P 149m and the group declared total interest and dividend distribution of 18 thebe per share.
“The development of Phase IV, Game City shopping centre is well in progress as Game City is being expanded to add more retail space including a fashion avenue, restaurant area including a food court, entertainment area and a parkade,” reads the statement.
Led by Managing Director Gulaam Abdoola, the company further said the additional space is 80 percent pre let. It also announced that the development of Phase III, Mlimani City has commenced after the contract was awarded.