By MAIMBOLWA MULIKELELA? –
REAL Estate Investments Zambia (REIZ) profit after tax has dropped substantially to K42.56 million as at December 31, 2014.
REIZ managing director Sydney Popota said the group’s profit after tax had fallen significantly to K42.56 million from K127.22 million in 2013.
This is according to a statement of the group results for the year ended December 31, 2014 posted on the Lusaka Stock Exchange (LuSE) yesterday.
. Popota
Mr Popota said as a result of this, one-off credit earnings per share (EPS) fell from K2.25 in 2013 to K0.75 per share in 2014.??He said the headline EPS had increased from K0.30 in 2013 to K0.41 per share in 2014.
Mr Popota said the group recorded a significant increase in gross rentals of 20 per cent in 2014 adding that profit from operations went up by 33 per cent.
‘‘In compliance with the introduction of a ‘final’ tax on gross rental income, the Group saw a reversal of the deferred tax in the 2013 Statement of Financial Position of K124.11million leading to an income tax credit of K76.85million for that year,’’ Mr Popota said.
He explained that the tax charge for the 2014 financial year was shown as K4.63 million in compliance with tax legislation.
