22 Feb 2010

Property for Industry announces profit rise

1:15 pm on 22 February 2010

Listed industrial property company Property for Industry says its underlying profit rose 1.4% in the 2009 financial year.

This increase comes despite a 3% fall in rental income to $31.4 million, after the firm sold three of its properties in order to reduce debt and shore up its balance sheet.

Property for Industry's after-tax operating profit rose to just under $16 million for the year ending December.

The company's general manager Ross Blackmore says the value of its portfolio fell by more than 7% over the year to $28 million, which caused it to make an overall loss of $12.5 million.

PFI will pay a full year dividend of 2.4 cents a share - the same as last year.