Zimbabwe Stock Exchange listed company, Pearl properties Limited has re-branded to First Mutual properties limited, a move the group chairperson, Elisha Moyo said was aimed at migrating to a uniform brand under the First Mutual name.
Moyo announced the name change at the company’s Annual General Meeting held in Harare on Wednesday.
“The name change is part of the Group’s strategic imperative to migrate to a uniform brand under the First Mutual name, and thus all the First Mutual Holdings Limited sub diaries will be aligned to the mother brand,” he said.
Following the half year ending June 2017 financial results, Moyo said Pearl Properties realized a rental income of US$3.704 million compared to US$4.035 million recorded in the prior year.
According to Moyo, the group has had to accommodate some rent reduction request to maintain occupancy levels.
“The group has had to accommodate some rent reduction request to maintain occupancy levels.
“The occupancy level improved to 73.54% from 71.77% as at December 2016 despite the challenging operating environment.
“Trade receivables grew to US$3.289 million from $US 3.001 million at 31 December 2016 as tenants continue to struggle to meet their lease obligations,” he said.
Meanwhile the company recorded a profit after tax of US$0.808 million compared to a loss of US$1.192 million for the comparative period ended 30 June 2016.
The Board did not declare an interim dividend for the period ended 30 June 2017 to preserve financial resources in light of initiatives planned for the second half of the year.