PFI expands Cardinal Freight holding

Property For Industry has reported a tax-paid surplus of $7.516 million for the nine months to September 30, up 2.8% on the previous corresponding period.

Rental income increased 9.2% from the same period last year largely on the back of new acquisitions and projects, but interest costs also increased.

The record date for the third quarter dividend of 1.3c a share is today.

PFI also announced this week it is to add a further 5571sq m of warehouse, canopy and office space to its Cardinal Freight Distribution site in East Tamaki at a cost of $3.7 million.

PFI has bought an adjoining site for the expansion to the existing 7096sq m premises and renegotiated a 12-year lease for the two sites.

- Campbell McIlroy

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