The first quarter of 2010 saw Property For Industry earn a net operating profit that was up 18.1% on the previous corresponding period.The listed company's net operating profit for the first three months of this year was $4.68 million, up $719,000 from th
The first quarter of 2010 saw Property For Industry earn a net operating profit that was up 18.1% on the previous corresponding period.
The listed company’s net operating profit for the first three months of this year was $4.68 million, up $719,000 from the same time last year.
Based on the distributable profit, net earning were 2.18 cents a share – this was up from 1.87 cents a share last year.
The dividend for the first quarter, which will be paid in May, is 1.55 cents a share with imputation credits of 0.23 cents.
Property for Industry earned 3.2% more rental income than the same time last year, with rent for the three months to March 31 up to a total of $8.19 million.
While the company’s debt levels were higher, this was offset by lower interest rates. Interest was its largest expense and this remained “virtually unchanged” at $2.02 million.
Property for Industry’s assets include industrial properties in areas including Wellington, East Tamaki and Christchurch, with 98.6% occupancy.
