Troubled assets in Mozambique hurts Mara Delta Q1

Troubled assets in Mozambique hurts Mara Delta Q1

Mara Delta said its revenue for the quarter lowered to USD6.2 million compared to USD6.9 million in the previous year.

Profit from operations grew to USD6.3 million versus USD6.0 million in 2016.

The company said in its quarterly trading update that total comprehensive income for the period declined to USD1.9 million (USD3.7 million).

As an outlook, Mara Delta said that in the the first nine months, the board remains confident that the forecasted distribution growth of 2% to 4% on previous year’s full year distribution will be achieved.

This confidence is supported by Mara Delta’s portfolio which is proving to be resilient during macro-economic challenges in markets like Mozambique, due to the strength of its underlying tenant base and together with the pending rights offer where the company will be in a position to fund other high yielding properties.

Any forecast included above has been based on the assumption of stable regional, political and economic environments as well as a stable global macroeconomic environment.