Property group preserves cash after pandemic prompts double-digit decline in portfolio’s value
Property group Liberty Two Degrees is holding onto its dividend payment for its half year to end-June after slipping into a loss equivalent to about a third of its R4.6bn market capitalisation.
The group posted a loss of R1.4bn, from profit of R244m previously, as the Covid-19 pandemic shuttered restaurants and gyms and weighed on property valuations. The value of the group’s portfolio fell 14.7% to R8.7bn over the six months to end-June, with the group saying it will consider paying a dividend for its full-year.
“We expect the pandemic to negatively affect our performance for the remainder of the 2020 financial year as levels of uncertainty continue to influence economic conditions and consumer confidence,” the group said.The group’s share has declined 23.88% so far in 2020, compared with a 40.33% fall in the JSE’s property index.
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