PFI increases earnings

By Phil Boeyen, ShareChat Business News Editor

Friday 26th October 2001

Property for Industry (NZSE: PFI) is touting the defensive nature of property investment following release of its latest results.

The property investment company has announced third quarter earnings which show an improved profit of $8.75 million for the nine months ended September, up from $7.51 million last year.

Rentals for the nine months were $16.5 million, an increase of 17% over the previous corresponding period largely due to income from 10 new Mt Wellington properties acquired in late 2000 and early 2001.

Chairman, Allan Lockie, says that despite recent falls in world sharemarkets and global uncertainties, PFI's share price has continued to be well supported by the market, highlighting the strong defensive qualities of property as an investment class in an environment of falling interest rates and economic slowdown.

PFI's portfolio currently totals 50 properties nationwide with a combined value of $215 million. It has announced a quarterly dividend of 1.3 cents per share.

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