Property For Industry nine-month profit down slightly

By NZPA

Friday 18th October 2002

Industrial property investor Property For Industry posted a drop in net profit to $8.56 million for the nine months ended September 30.

That was lower than the $8.75 million for the same period the previous year.

The company will pay a third quarter dividend of 1.35 cents per share on November 8, with imputation credits of 0.3cps.

Chairman Peter Masfen said in a statement today the dividend was unchanged from the previous two quarters of the year.

PFI reduced interest costs to $3.4 million, compared with $3.9 million in 2001, as a result of more favourable interest rates and a reduction in non-core properties.

Rental income was lower at $16.2, from $16.5 million, and earnings per share for the same period dropped to 4.3cps from 4.6cps.

PFI's portfolio was unchanged with 46 properties, valued at $207 million and with an occupancy rate of 98 percent.

PFI, managed by AMP Henderson Global Investors, is New Zealand's only listed property company investing exclusively in the New Zealand industrial property sector.

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