Ingenuity Property Investments (ING)‚ which has a core focus on acquiring and developing properties in the Western Cape‚ increased its headline earnings per share 122% to 2c in the six months to February from 0.9c for the comparable period in 2013.

Net property income‚ which comprised gross rental income less direct property expenses‚ increased 175% to R75.6m compared with 2013's R27.5m‚ due mainly to the properties acquired during the period‚ development properties being completed and coming on stream and rental escalations from existing leases

Property expenses and non-property overhead expenses were within budget and were well controlled‚ the company said.