Skye Shelter Funds records N306m profit

SKYE Shelter Funds, a real estate investment trust being managed by Skye Financial Services Limited, has posted a profit before tax of N306 million for the year ended December 31, 2010 as against N251 million recorded during the corresponding period in 2009.Net income stood at N235 million as against N175 million in 2009, while net income per unit for the same period was N11.75 compared to N8.73.Unit holders of the fund's equity also received N9.40 dividend per unit during the review period compared with the N7 pay out in 2009, representing a cash return of nine per cent.Addressing unit holders at the fund's yearly general meeting held in Lagos on Tuesday, the Chairman of the company, Kehinde Durosinmi-Etti, said the Skye Shelter Fund's 2010 results marked the third consecutive year of its stellar performance notwithstanding the declining economic fortunes both locally and globally.Specifically, he said the fund's assets had grown to N2.7 billion during the period under review as against 2.6 billion during the corresponding period in 2009.According to him, the fund had recorded increase in net asset value of 21 per cent since inception, noting that the increase in net asset was expected to be realised as income in the coming years.In addition, he said the fund managers had consistently and constantly reduced expenses across the last three years covering 2008, 2009 and 2010, and disclosed that the fund had earmarked the sum of N381 million for the development of property project in the new year.The Skye Shelter Fund is a close-ended Real Estate Investment Trust (REIT), which is authorized and registered in Nigeria. 20 million units were listed on the floor of the Nigerian Stock Exchange on February 28, 2008.In August 2010, it was resolved that the units be redenominated into 200 million units of N10 each, which is presently awaiting regulatory approval.
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