Property For Industry 1Q profit falls 8%

BUSINESSDESK: Property For Industry, which has a portfolio of 49 industrial properties nationwide, posted a decline in distributable profit after a fall in property sales and lower occupancy in the first quarter.

Distributable profit fell 8% to $3.57 million, in the three months ended March 31.

This is the first set of results since the Auckland-based company's management contract was sold to McDougall Reidy Management last year. Sales dropped to about $7.1m from $7.8m.

PFI secured eight new leases and extensions during the quarter, with its portfolio occupancy rate rising to 96.2% from 95.6%.

"While 96.2% is still a respectable occupancy level - it is lower than in previous years and addressing PFI's current vacancy and upcoming lease expiries remain our major focus," general manager Nick Cobham said.

PFI's rentals dropped 4.9% to $7.4m, largely due to property sales over the past year and lower portfolio occupancy, he said.

Net profit rose to $4.79m from $2.75m a year earlier, reflecting net changes in fair value of investment properties and unrealised revaluation changes from financial instruments.

The company's dividend remains unchanged at 1.55 cents per share.

Shares in the company are largely unchanged this year and last traded at $1.17 cents.
 


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6584 0.0007 0.11%
AUD 0.9016 0.0002 0.02%
EUR 0.5996 -0.0007 -0.12%
GBP 0.4215 0.0005 0.12%
HKD 5.1052 0.0063 0.12%
JPY 81.6460 0.0660 0.08%

Commods

Commodity Price Change Time
Gold Index 1094.9 6.310 2015-07-31T00:
Oil Brent 52.2 -1.100 2015-07-31T00:
Oil Nymex 47.1 -1.410 2015-07-31T00:
Silver Index 14.8 0.060 2015-07-31T00:

Indices

Symbol Open High Last %
NZX 50 5921.0 5963.1 5921.0 0.54%
NASDAQ 5148.2 5155.0 5128.8 -0.01%
DAX 11271.3 11309.0 11257.1 0.46%
DJI 17755.9 17783.6 17746.0 -0.32%
FTSE 6668.9 6705.4 6668.9 0.41%
HKSE 24533.1 24533.1 24636.3 -1.07%
NI225 20540.2 20549.8 20585.2 -0.43%