Sharechat Logo

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

Monday 19th April 2010

Text too small?

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.

 

 

 

Businesswire.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Property For Industry shares seen as expensive, downgraded to 'sell' by Craigs
Property for Industry 1H rental income rises 8.8 percent , profit lifted by non-cash items
PFI trading volumes at 8-year high ahead of index re-weighting
PFI share price leads index up on $800M merger
Property for Industry 1H earnings fall 4.9%, flags reduced dividend
Property For Industry 1Q profit falls on lower sales, occupancy
Property For Industry FY earnings fall 13%
Property For Industry nine-month earnings slide 15 percent
UPDATED: DPF doubles portfolio on PFI contract, mum on price
AMP Capital sells Property For Industry management contract to DPF Management