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Property For Industry posts 9-month loss on revaluation

Monday 3rd November 2008

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Property For Industry, the industrial property investor managed by AMP Capital Investors, posted a nine-month loss after lowering the value of its portfolio by 6.6%.

The net loss was $21.6 million in the nine months ended September 30, from a profit of $11.1 million a year earlier, the company said in a statement. Excluding the property revaluation and other unrealized items, profit rose to NZ$11.5 million in the latest period.

"The current reduction in value is an unfortunate but inevitable consequence of the global economic conditions, which have eroded the value of most assert classes," said PFI general manager Ross Blackmore.

The value of the company's property portfolio fell $27.7 million to $388.9 million. PFI will pay a third-quarter dividend of 1.65 cents a share, with 0.394 cents imputation credits, lifting payments year to date by 1.6%.

Shares of PFI fell 0.9% to $1.05, bringing their decline this year to 26%. Net earnings per share, based on distributable profit, rose 1.9% to 5.4 cents.

By Jonathan Underhill

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