Rockcastle reports interim headline loss of 1.65 US cents

Global real estate group Rockcastle on Tuesday reported a headline loss of 1.65 US cents in the six months ended December 31‚ from a profit of 13.79c a year earlier.

In line with guidance‚ the company’s dividend for period under review increased by 4% on an annualised basis to 4.07c per share.

Although dilutionary in the short term‚ Rockcastle said it had increased its exposure to higher-growth stocks‚ which currently trade at lower yields. This is expected to limit income growth to approximately 4% in the current financial year but will benefit growth in the future.

Projects in the pipeline include an investment in a substantial new retail mall development in Africa‚ which is being evaluated. The group said additional details would be provided in due course.

At 1.36pm‚ the stock was down 0.99% at R15‚ valuing the company at R7.9bn.

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