Listed industrial property fund Property for Industry has reported an after tax loss of more than $12.51 million for the financial year to 31 December 2009.This is an improvement from last year's results, with a $31.91 million loss for the year to 31 Dece
Listed industrial property fund Property for Industry has reported an after tax loss of more than $12.51 million for the financial year to 31 December 2009.
This is an improvement from last year’s results, with a $31.91 million loss for the year to 31 December 2008.
The value of its property portfolio dropped $28.37 million when it was revalued at 31 December. Properties in its portfolio include industrial buildings in areas including Manukau, Wellington, and East Tamaki.
Its operating profit after tax was up 1.4% on the previous year to $15.92 million, from $15.69 million in the year previous.
The company brought in $31.42 million in rent, which was 3.2% lower than the 2008 financial year because it had sold three properties last year to reduce its bank debt. Gearing now at 33.2%.
Net tangible assets per share fell from $1.24% in the 2008 financial year to $1.10. Net earnings were up 0.5% to 7.46 cents a share.
“Despite challenging market conditions and a reduction in rental income following the company’s property sales, to have increased net profit and earnings is a very pleasing outcome,” said Property for Industry general manager Ross Blackmore.
At press time its shares were trading at $1.13 each.
