Growthpoint [JSE:GRT] has warned that properties in its SA portfolio are expected to show little growth in the 2019 financial year as "property fundamentals remain weak and are worsening".
The REIT on Thursday published its condensed unaudited results for six months ended December 31, 2018.
Profit before taxation for the half year was R4.3bn, compared to a restated R6.6bn in the six months ended December 2017.
Headline earnings per share came in at 81.77 cents in HY2019, down from 101.04 cents in HY2018.
The JSE-listed group said that in the full 2019 financial year, it expected most growth to come from its international investments, although it expected the V&A waterfront in Cape Town - in which it has a 50% share - to perform better than the rest of its SA portfolio.
Growthpoint has a portfolio of 447 directly owned properties in South Africa valued at R77.2bn. The group also has a 66.0% interest in Growthpoint Properties Australia, which owns 59 properties in Australia valued at R38.3bn.
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