Property for Industry grows interim profit

By Phil Boeyen, ShareChat Business News Editor

Friday 27th July 2001

Property For Industry says a 10% jump in half-year profit reflects an expanded asset base.

For the six months ended June the property investment company made a net profit of $5.38 million, up from $4.88 million for the same period last year.

Chairman Allan Lockie says the company's asset base has increased to $216 million, and earnings per share have grown from 2.73 cents per share to 2.84 cents, demonstrating the ability to improve shareholder returns.

The company's rental income for the half-year was $411 million, up 21% on last year, largely due to revenues from the acquisition of 10 new properties in Mt Wellington in late 2000 and early 2001.

The purchases were funded through a combination of debt, new capital and sales of existing properties and PFI says the additional debt levels resulted in increased interest costs, $1.07million higher than for the same period last year.

A second-quarter dividend of 1.3 cents per share will be paid on August 10.

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