The group declared an interim distribution of 42.71 cents per linked unit, 10.5% higher than 45.10 cents a year earlier, which will be paid on September 6.

Announcing its interim results, Resilient said rental income had grown to 97.9 million rand for the six months, versus 73.27 million rand for the seven-month comparable period in 2003.

Operating profit stood at 60.26 million rand from 55.85 million rand previously, but after interest on loans and interest to linked debenture holders, the group reported a net loss for the period of 6.78 million rand, compared to a loss of 1.36 million rand a year earlier.

The company said trading conditions at retail centres in its portfolio remained buoyant, and turnover rentals had exceeded its expectations. This had enabled the company to improve further its long-term fixed interest rate profile at a cost of 1.45 million rand.

Net asset value per linked unit stood at 563 cents as at June 30, up from 499 cents a year earlier, and the group's gearing ratio declined to 40.6% from 47.2% at December 31, 2003, and 46.8% at June 30, 2003.

Resilient had total borrowing facilities of 429.8 million rand, of which 394.9 million rand had been utilised.