LLR PROFITS DOWN ON IMPAIRMENTS
Public owned property investment company, Letlole La Rona (LLR) will see its profits declining by more than 20 percent in the year ended December 2018. The expected slide in profits is due to the impairment on the carrying value of the four hotels which are currently in the process of being sold to Cresta Marakanelo Limited combined with the non-recurrence of a once off valuation gain on one of the properties accounted for last year. “Profit before fair value adjustments remains on an upward trajectory with a growth of 15 percent from December 2017,” announced the BSE listed company. For the half year to June 2018, LLR recorded a seven percent increase to P94.8 million. The property portfolio increased by 25 percent and contractual revenues increased by 10 percent compared to the prior reporting period. This followed a major acquisition of the Water Shed Piazza, a shopping mall in Mahalapye from Jus Posh Investments. The retail property enhanced LLR’s property value and helped further diversify the portfolio in line with the strategic objectives of the Company. LLR is the largest single investor in industrial property by value in Botswana and is currently exploring opportunities in the local market in its drive to grow its total portfolio.