Texton Property Fund (JSE:TEX) Operating Income : R122.1 Mil (TTM As of Dec. 2023)

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What is Texton Property Fund Operating Income?

Texton Property Fund's Operating Income for the six months ended in Dec. 2023 was R56.6 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was R122.1 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Texton Property Fund's Operating Income for the six months ended in Dec. 2023 was R56.6 Mil. Texton Property Fund's Revenue for the six months ended in Dec. 2023 was R136.4 Mil. Therefore, Texton Property Fund's Operating Margin % for the quarter that ended in Dec. 2023 was 41.52%.

Warning Sign:

Texton Property Fund Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -7%.

Texton Property Fund's 5-Year average Growth Rate for Operating Margin % was -7.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Texton Property Fund's annualized ROC % for the quarter that ended in Dec. 2023 was 4.71%. Texton Property Fund's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 111.83%.

Texton Property Fund Operating Income Historical Data

The historical data trend for Texton Property Fund's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Texton Property Fund Operating Income Chart

Texton Property Fund Annual Data

Trend

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Operating Income

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328.01

297.38

233.53

147.43

141.28

Texton Property Fund Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Operating Income	Get a 7-Day Free Trial															77.43	69.99	75.80	65.48	56.65

Texton Property Fund Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was R122.1 Mil.

Texton Property Fund (JSE:TEX) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Texton Property Fund's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	113.294 * ( 1 - -21.48% )	/	( (2845.742	+	2995.236)	/ 2 )
=	137.6295512	/	2920.489
=	4.71 %

where

	Invested Capital		(Q: Jun. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	3141.916	-	54.073	-	( 280.116	-	max(0, 179.752	-	421.853	+	280.116	))
=	2845.742

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	2995.11	-	59.022	-	( 245.247	-	max(0, 372.904	-	313.756	+	245.247	))
=	2995.236

Note: The Operating Income data used here is two times the semi-annual (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

Texton Property Fund's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	69.55	/	( ( (17.207 + max(87.187, 0))	+	(16.161 + max(3.826, 0)) )	/	2 )
=	69.55	/	( ( 104.394	+	19.987 )	/	2 )
=	69.55	/	62.1905
=	111.83 %

where Working Capital is:

	Working Capital		(Q: Jun. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(24.415	+	0	+	116.845)	-	(54.073	+	0	+	0)
=	87.187

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(28.82	+	0	+	34.028)	-	(59.022	+	0	+	0)
=	3.826

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Texton Property Fund's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	56.647	/	136.429
	=	41.52 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Texton Property Fund Operating Income Related Terms

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Texton Property Fund (JSE:TEX) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Texton Property Fund Ltd (JSE:TEX) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

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Address

151 Katherine Street, Block D, Vunani Office Park, Sandton, Johannesburg, GT, ZAF, 2031

Website

https://www.texton.co.za

Texton Property Fund Ltd is a property investment fund. It invests directly in income-producing office properties that offer attractive income and capital appreciation. The overall objective of the fund is to grow its asset base, by investing in well priced, income and quality enhancing investment properties, to optimize returns over time for shareholders. It holds an interest in properties such as Alrode industrial park, Babcock House, Bawtry 270, Belvedere place, Bonmarche and Poundland, Bryanston gate office park, and many others. The Group has three reportable segments: SA direct property, UK direct property, and international investments. Direct property investments are split into office, retail and industrial.