Fountainhead earnings up

The group also announced an increase in operating profit of R295,74 million, up from R254,50 million recorded for the six-month period in 2008.

Fountainhead said its basic earnings per unit reached 25.7 cents from 23.5 cents recorded for the same period in 2008.

The group saw profit for the period to R255,98 million, from R233,87 million earlier.

It added that its net distributable income for the first six months of the financial year amounts to 25.7 cents per unit, 9% greater than the comparable period last year.

The group said significant capital projects include Kenilworth Centre, where the food court, Game and Checkers are complete.

The new Virgin Active gym and the general refurbishment should be completed by August 2009. The total redevelopment amounts to R122 million.

The centre's trading revenue has increased 17% and foot count is up 4% since the opening of Game.

It added that redevelopment of Benmore Gardens Shopping Centre is 'progressing well.

The conversion of the old Pick n Pay store to parking and retail stores is expected to be complete by May 2009.

The construction of the new parking deck, refurbishment of the offices above the mall, as well as the general centre refurbishment is expected to be complete by July.

And, at Centurion Mall, construction of the 2,024m² Edgars extension has commenced and is expected to be complete by August.

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