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Turnstar paid P71 million tax in 2013

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Turnstar Holdings paid a sum of P71 million in the form of tax between February 2013 and January 2014, this is reflected in the Group’s financial results released recently for the year ended January 2014. The results show that its Profit After Tax was P312 m following a profit of P383 before tax. These profits had increased by 137.4 per cent and 164.5 per cent respectively. The Group’s Operating Profit increased by 26.9 per cent from the prior year to P152.

 
On the distribution aspect, it indicated that the full year distribution per linked unit increased by 6.5 per cent from the previous year to 17 thebe per linked unit. “The Group distributed P97.3 for the year. Net Asset value per linked unit is up 29.4 per cent from prior year to P2.32 per linked unit,” the results state. Its revenue increased by 16 per cent from the prior year to P223.1. The rental income from the company’s Botswana portfolio increased by 10 per cent whilst the rental income from the Tanzanian portfolio was much higher at 25 per cent.

 
The statement said the Group posted pleasing results for the year despite market conditions. “Turnstar remains the most diversified property company on the Botswana Stock Exchange with property assets valued at over P1.7 billion. The Group’s Tanzanian subsidiary, Mlimani Holdings Limited, generates US Dollar revenue. Turnstar is a fully integrated internally managed property company, employing 125 staff,” it said.

 
During the year, Turnstar repositioned itself in terms of management, value, earning and growth potential. “Our results are impressive and speak for themselves. Turnstar is in a favourable position due to its acquisition of Mlimani Holdings in Tanzania. The results and benefits of this acquisition are reflected in the financial statements,” the Group said in the statement.

 
It said there had been a change in management strategy under the guidance of Managing Director, Gulaam Abdoola. They had also place increased focus on controlling costs and maximising income. Maintenance of the properties had been prioritised and as part of this strategy, special emphasis had been placed on ensuring that maximum value is derived from funds spent on maintenance.

 
Meanwhile, Turnstar Director’s report shows bullish growth in Africa.  “Management will examine various funding instruments, in addition to bank loans to fuel its future African growth. During the current year, the Company intends to have discussions with financial institutions, consultants, and investment bankers to find a long term solution to fund its African growth,” the report said. It further says that although there is a lof of sceptism about property markets in the rest of Africa, Turnstar is extremely excited by the potential of these markets.

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