2 Nov 2009

Property for Industry loses $11m

8:47 pm on 2 November 2009

Property for Industry has posted a loss of just over $11 million for the nine months to the end of September, as lower property values continue to plague its balance sheet.

The value of its portfolio has dropped by nearly $21m.

However, the company made a distributable profit of nearly $12m, or 3% higher than the same period last year, which means shareholders will get a total dividend of 2.19 cents per share.

The firm has sold five properties in the last 16 months to reduce its bank debt and general manager Ross Blackmore says the impact of the sales on earnings have been largely offset by lower interest rates, new rentals and rent reviews.