7 May 2012

Listed property investor sees profit drop $8% in Q1

7:47 pm on 7 May 2012

Industrial property investor, Property For Industry, says its underlying profit fell 8% to $3.7 million in the three months to March, due to property sales.

Revenue dropped 5% to $7.4 million, which Property for Industry's general manager, Nick Cobham, says is mainly due to the property sales over the past year and lower occupancy rates.

"There's some sales in the 2011 period that have had an impact on overall rentals, and a little bit of vacancy that we had at the end of last year ... a little bit of pressure there," he says.

Property for Industry's share price fell 1 cent to $1.16 on Monday.