17 Feb 2014

Surge in property firm's profit

1:53 pm on 17 February 2014

Property for Industry has reported a more than 50 percent jump in full-year profit, reflecting its successful takeover of Direct Property Fund and stronger economic conditions.

The listed industrial property manager reported a net profit of $40.5 million for 2013, compared with $26.9 million in the 2012 financial year.

In June last year, shareholders from the two property companies agreed to a merger, which resulted in an increase in Property for Industry's portfolio from 50 to 82 properties and a doubling in contract rent from $32.6 million to $65.4 million.

The company also benefitted from its properties being revalued upwards by $19.9 million (more than 2 percent) to $830 million.