New Africa Properties Ltd. reported audited consolidated earnings results for the year ended July 31, 2014. For the period, the company's revenue was BWP 137,102,000 against BWP 126,995,000 for the same period in the last year. Operating profit was BWP 111,718,000 against BWP 101,941,000 for the same period in the last year.

Profit before taxation was BWP 235,090,000 against BWP 199,041,000 for the same period in the last year. Profit after taxation was BWP 211,055,000 against BWP 186,918,000 for the same period in the last year. Earnings per linked unit were 34.92 thebe against 30.93 thebe for the same period in the last year.

Net cash from operating activities was BWP 6,353,000 against BWP 12,954,000 for the same period in the last year. Investment property acquired or improved was BWP 841,000 against BWP 572,000 for the same period in the last year. Fair value adjustments of BWP 112.9 million (2013: BWP 88.9 million) contributed to the increase in profit.

This increase in valuations was attributable to growth in net rental income as well as a 99 basis point shift in the weighted average capitalisation rate following a reduction in the long bond rates over the year together with other applicable factors.