Tax and credit costs higher in PFI profit
Property For Industry (PFI) said an increase in tax costs for first quarter of $405,000 and higher credit costs contributed to a fall in profit.
Property For Industry (PFI) said an increase in tax costs for first quarter of $405,000 and higher credit costs contributed to a fall in profit.
The industrial property owner managed by AMP Capital Investors reported a $3.874 million first quarter profit, down 17.3 percent on the same period last year, which included a one-off tax adjustment. On a normalised basis, the decline was 10 percent.
The company is paying a first-quarter dividend of 1.55 cents per share, which is the same level as a year ago. The record date for the first-quarter dividend is May 4 and payment will be made on May 16.
PFI had secured a new five-year bank debt facility but bank charges were higher than under the previous facility, negotiated in 2008.
PFI's borrowing levels were $11m lower than the previous corresponding period as a result of the property sales but interest costs were in line with the previous period.
PFI's tax costs were $962,000, up $405,000 from the previous corresponding period. The company cited tax policy changes, including the removal of an ability to depreciate building structures with useful lives of more than 50 years for tax purposes.
NZPA
Mon, 18 Apr 2011
Mon, 18 Apr 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Tax and credit costs higher in PFI profit
13968