Intu FY underlying earnings up 15% to GBP162m

UK-based Intu Properties (ITU) has reported a 15% rise in underlying earnings to £162m in the year to December‚ boosted by the acquisition of two UK regional malls and a retail park.

The JSE-listed owner of some of the UK's largest malls said on Friday that the £855m deal contributed £27m to the underlying earnings.

Intu‚ which was formerly Capital Shopping Centres‚ declared a final dividend of 9.1 pence per share to bring the total dividend to 13.7p.

"Intu's improved 2014 results demonstrate we are well positioned to benefit further from rising consumer confidence and strengthening demand from retailers for quality space‚" CE David Fischel said.

The stock was off 1.56% to R64.88‚ valuing the company at R85.4bn.