Dividend cut by 20% as Hyprop suffers one of its worst half years since listing in 1988
Anathi Nxqzonke at Checkers in Canal Walk, Cape Town. Canal Walk is one of the high-end malls owned by Hyprop. Picture: ESA ALEXANDER
Even though the owner of Rosebank Mall, Hyde Park Corner, Canal Walk, The Glen and Capegate managed to keep its SA vacancy level down to 1.6%, the sales per square metre at these malls rose by just 0.6% in the reporting period. “Trading conditions in the SA market continued to deteriorate as a result of the poor economic climate, increased levels of load-shedding and a sustained general decline in business confidence,” the company said.“While the group’s SA shopping centres are not immune to the SA economy, they have once again demonstrated their resilience in difficult times,” it said.
“Trading conditions for our malls and tenants in these countries have been challenging, partly due to the devaluation of the local currencies against the US dollar. We have taken various steps to preserve and enhance the value of these investments, while continuing the disposal processes,” the company said.
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