The Directors of First Mutual Properties have released the Company’s half year for six months ended 30 June 2015. Below are extracts from the financial statement.
- Revenue for the period ended 30 June 2015 of $4.258 million (HY2014: $4.431 million), down by 3.90%. Revenue includes rental income and property services income;
- Property expenses increased by 24.23% to $0.605 million (HY2014: $0.487 million) driven by an increase in expenses relating to vacant space;
- Net property income before administration expenses declined by 1.08% to $3.255 million (HY2014: $3.290 million);
- Administration expenses declined by 7.18% to $1.317 million due to savings in staff related costs, depreciation and group shared services fees; and
- Operating profit before tax and fair value adjustment increased by 12.77% to $1.945 million (HY2014: $1.725 million) following savings on staff rationalization and external borrowing costs.
Acknowledgements
On behalf of your Board, I appreciate the invaluable support received from all stakeholders.
E.K. Moyo
Chairman
28 August 2015
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