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Property for Industry posts steady first-quarter earnings, rentals rise

Monday 19th April 2010

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Property for Industry, which has a portfolio of 55 industrial properties, reported little-changed first-half profit as rentals rose and the company took one-time adjustments for a drop in the value of interest rate swaps.

Profit was $3.42 million, or 1.59 cents a share, in the three months ended March 31, from $3.44 million, or 1.62 cents a year earlier, the company said in a statement today. Rental income rose 3.2% to $8.19 million.

The investment group managed by AMP Capital Investors held its dividend unchanged from a year earlier at 1.55 cents a share. PFI’s properties were 98.6% occupied as at March 31, it said.

Shares of PFI fell 0.9% to $1.15 and have slipped 3.3% in the past six months, while the NZX 50 Index rose 3%.

Net operating profit for distribution climbed 18% to $4.69 million, or a gain of 11% after adjusting for a year-earlier tax credit.

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