Consolidated statement of profit or loss
for the six months ended 30 September 2021 

Group  Unaudited 
30 September 
2021 
Rm
 
Unaudited
30 September 
2020 
Rm 
Audited 
31 March 
2021 
Rm 
Property revenue  1 742  1 420  3 117 
Straight-line rental income accrual  12  (29) (67)
Gross property revenue  1 754  1 391  3 050 
Property expenses  (608) (610) (1 203)
Expected credit loss (ECL): tenant receivables  (36) (51)
Net profit from property operations  1 147  745  1 796 
Corporate and administrative expenses  (152) (154) (286)
Total investment and other income  242  131  318 
Fair value movement on non-designated portion of CCIRS  (52) (32)
Profit before finance costs  1 185  731  1 796 
Finance costs  (357) (368) (707)
Profit after finance costs  828  363  1 089 
Profit/(loss) on sale of investment property  (6)
Loss on sale of equity-accounted associate  –  (32) (32)
Loss on realisation of derivative  (44) –  – 
Fair value (loss)/gain on financial instruments  (12) (133) 233 
Impairments  –  (9) (13)
Foreign exchange gain/(loss) on GBP loans  – 
Profit before changes in fair value of investment property  773  192  1 288 
Fair value adjustments:  156  (479) (847)
Gross change in fair value of investment property  165  (511) (920)
Change in fair value of right-of-use asset 
Straight-line rental income adjustment  (12) 29  67 
Profit/(loss) before equity-accounted investment  929  (287) 441 
Share of (loss)/income from associate  (3) 20  18 
Share of loss from joint venture  (1) –  (1)
Profit/(loss) before taxation  925  (267) 458 
Taxation  (24) (5) (40)
Profit/(loss) for the year  901  (272) 418 
Attributable to owners of the parent  843  (206) 584 
Attributable to non-controlling interest  (58) (66) (166)