Hyprop posts better-than-expected distributable income, looks to future growth

Retail centre owner Hyprop has reported distributable income of 370.4c a share for the financial year ended June 30, a reduction of 8.6% year-on-year, but better than previously anticipated. In March, management warned shareholders there would be a 15% to 20% decrease in distributable income, owing to higher interest costs for longer, an increase in issued shares owing to the dividend reinvestment plan, further foreign exchange losses on its Nigerian properties and the acquisition of Table Bay Mall in South Africa.