14th Feb 2025 13:08
(Alliance News) - Grit Real Estate Income Group Ltd on Friday said its loss narrowed in the first half of its current financial year, as the firm "progressed" in its efforts to reduce costs.
The Pan-African property investment and management company based in Mauritius said its pretax loss for the six months that ended December 31 narrowed to USD27.0 million from USD64.1 million the year before.
Property portfolio net operating income grew 13% to USD35.1 million from USD31.1 million, while net finance costs rose 39% to USD29.8 million from USD21.5 million.
Administrative costs for the six-month period decreased by 19% on a like-for-like basis, the company added.
EPRA net reinstatement value per share at December 31 was 50.7 US cents, down from 57.9 cents per share at June 30.
The firm declared no interim dividend.
"As part of the group's journey to recovery, we progressed in our cost reduction programme, strengthened the balance sheet through active interest rate risk management and improved the portfolio across key metrics, underpinned by strong leasing and asset management efforts," said Chief Executive Officer Bronwyn Knight. "Although several initiatives already implemented will only realise full value over the medium term, net operating income benefitted from an increased contribution from the Data Centres and Healthcare segments.
"Our portfolio remains defensive by geographic and asset class diversification, with a significant percentage of income under long-term hard currency leases.
"This provides a foundation for income generation and a resilient platform from which to capitalise on growth opportunities through active management and sector-focused development structures."
Shares in Grit Real Estate Income were down 1.5% at 9.85 pence each in London on Friday afternoon.
By Emily Parsons, Alliance News reporter
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