Tower Property Fund Limited reported audited consolidated earnings results for the year ended May 31, 2016. For the year, revenue was ZAR 376,451,000 against ZAR 247,721,000 a year ago. Net property income was ZAR 345,718,000 against ZAR 212,793,000 a year ago. Net operating profit was ZAR 301,630,000 against ZAR 200,755,000 a year ago. Profit from operations was ZAR 283,493,000 against ZAR 303,257,000 a year ago. Profit before taxation was ZAR 167,559,000 against ZAR 226,368,000 a year ago. Profit for the period attributable to equity shareholders of Tower Property Fund Limited was ZAR 158,840,000 against ZAR 226,368,000 a year ago. Basic and diluted earnings per share (weighted average shares in issue) were 67.1 cents against 149.9 cents a year ago. Net cash from operating activities was ZAR 190,198,000 against ZAR 57,386,000 a year ago. Investment property acquired was ZAR 921,594,000 against ZAR 349,741,000 a year ago. The net asset value per share at 31 May 2016 is ZAR 9.85.

The directors anticipate core earnings growth of greater than 10% for the year ending 31 May 2017. This growth will translate into total distribution growth of 6%. Core earnings, on which these forecasts have been based, represent tenant rental income, less operating costs and debt.