23 Feb 2009

Loss reported by property company

12:14 pm on 23 February 2009

A commercial property company has posted a full year loss of $32 million, largely due to a major drop in the value of its properties.

However, when revaluations are excluded, operating profit at Property For Industry rose 5.3% to $15.69 million.

The value of the company's 56 properties dropped by more than $43 million last year, following a review by independent valuers.

General manager Ross Blackmore says the revaluation does not affect the company's revenue streams or distribution to shareholders.

He says the reduction in property values was offset to a limited extent by growth in rentals, as well as lease restructuring and other activities.