Mash Holdings profit down 40 percent due to falling rentals

Mashonaland Holdings’ profit after tax fell 40 percent to $930 000 in the six months to March 31 due to falling rental income and weakening occupancy levels, the company said.

Revenue was 18 percent down at $2.98 million from $3,64 million with occupancy for its property portfolio  total at 79 percent from 85 percent reported over the same period last year.

The collection rate over the reporting period was also lower at 74 percent compared to 78 percent in the prior year.

Acting chairman Ambrose Chinembiri, in a statement accompanying the financial results said the company’s recently completed Belgravia office park would be key to augment income streams and grow the portfolio.

Property expenses were up three percent to $620 000 but administrative expenses fell 25 percent to $1.04 million due to lower staff costs.-The Source

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