PFI reports increased revenue and net profit for first half of 2005

Tuesday 19th July 2005

Listed industrial property investor Property For Industry (PFI) has reported continued increases in rentals and net profit for the six months to June 30, 2005.

Chairman Peter Masfen said PFI's rentals for the interim period were $12.714 million, 9.3% higher than in 2004.

Portfolio occupancy remains high and PFI is continuing to enjoy rental growth flowing from a buoyant industrial market. The company has carried out 11 rent reviews over the past 12 months, and has also developed and acquired new industrial properties with a total value of more than $15 million.

Masfen said the net surplus for the six months was $6.585 million, a 2.7% increase on last year. Earnings per share for the period were 3.22 cents per share, ahead of the 3.19 cents recorded in 2004.

PFI will pay a second-quarter dividend of 1.425 cents per share with 0.391 cents imputation credits attached - this is consistent with the first-quarter dividend for 2005, and a 1.8% improvement on the 1.4 cents paid for the June 2004 quarter.

The record date is August 3, 2005 and payment will be made on August 10. The discount rate for shares issued under the company's dividend reinvestment plan remains at 2.5%.

Commenting on portfolio activity, PFI general manager Ross Blackmore said the next six months is looking positive for the company, with a further 18 rent reviews scheduled. Construction is underway and projects are due to be completed for Harvey Norman, Amcor and SIRVA.

"In addition, we are receiving good leasing enquiry on the properties where leases are due to expire before the end of the year," said Blackmore. "PFI is also continuing to focus on new developments on existing land holdings within the portfolio."

PFI's portfolio of 52 properties has an occupancy rate of 99.9% and a total gross value of more than $280 million.

PFI is New Zealand's only listed company specialising in industrial property, and is managed by AMP Capital Investors.

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