Property Editor

A CHANGE in accounting policy to one which required a revaluation of properties helped investment group Congella Federation maintain growth in earnings in the year ended December.

Headline earnings a share came in at 692,4c up from 632c of the previous year and the group declared a improved dividend of 396c, up 14,8% from 345c. Congella could be wound up following a decision by its parent company Commercial Finance Company to realise its assets.

Congella has called for tenders for the group's properties or for its entire share capital.

Announcing the results yesterday, the group said it changed its accounting policy with respect to investment properties in order to comply with SA Statements of Generally Accepted Accounting Practice during the year under review.

This resulted in an increase in net profit of R3,5m due to an adjustment for the fair value of investment properties.

Income attributable to ordinary shareholders increased 9,5% from R5,3m to R5,8m.

Mar 20 2003 12:00:00:000AM Sibonelo Radebe Business Day 1st Edition