The group has deferred a dividend decision as it expects Covid-19 to batter the property sector
Picture: BLOOMBERG/BRYAN VAN DER BEEK
“Even though rental collections were in excess of 85% for April and over 70% for May, it is likely that property values and revenues will decline in the short term due to the expected economic downturn,” the group said. Contractual rental income increased from R265.2m at March 31 2019 to R275.3m a year later. The increase related to the improved letting at the company's Highveld View combined with the acquisition of an additional 210 units in Golden Oaks during the course of the 2019 financial year.De Wit said that while Indluplace could pay a dividend, it would be best to hold onto its cash at least until the end of its September 2020 financial year.
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