Dawn Properties reports $3,8mln after tax loss in FY15

Dawn Properties reports $3,8mln after tax loss in FY15

HARARE, March 31 (The Source) – Dawn Properties on Thursday reported an after tax loss of $3,8 million in the nine months to December 31, 2015 compared to an after tax profit of $150,000 in the previous year.

The group changed its financial year end from 31 March to 31 December to align it with that of its majority shareholder Brainworks Capital a local private equity firm which holds a 66, 8 percent stake in the group.

Total group revenue decreased by 34 percent to $3, 4 million in the nine month period compared to $5, 2 million for the 12 ended 31 March 2015.

The group’s portfolio which comprises mainly of hotel properties achieved total revenue of $1, 8 million while property consulting generated fees of $1, 6 million.

It incurred operating expenses of $3,5 million compared to $4,3 million the previous year.

The carrying value of investment property decreased marginally to $84, 4 million compared to $85, 1 million as at 31 March.

The company’s maiden property development project Elizabeth Windsor Gardens is expected to deliver its first units within the 2016 financial year.

The board did not declare any dividend. Basic loss per share amounted to 0.16 cents.