Property group Fairvest Property on Wednesday reported that its headline earnings per linked unit for the year ended march 2009 were at 1.4 cents, from the 29.4 cents recorded during the previous year.

Gross revenue for the period was R16.027 million, down from R24.095 million, the group said.

Operating profit increased R20.8 million from a loss of R5.2 million to profit of R5.6 million, the group said.

The group said that the net asset value per linked unit increased from 138.3 cents to 146.4 cents equating to a compound growth of 27% per annum over the last two years.

"This increase in net asset value has resulted from the disposal of under-performing properties and an improvement in the property portfolio under management," it said.

Fairvest said that the decline in revenue and trading profits was largely attributable to the disposal of Nedbank Circle and Mangrove Beach Centre properties in the 2008 financial year and the disposal of Kempton City and Broadway Nordic properties in the current year.

Shares in Fairvest closed unchanged at one rand.