PFI posts $3.9M profit

By Phil Boeyen, ShareChat Business News Editor

Friday 23rd February 2001

Property for Industry (NZSE: PFI) has reported a full year profit of $3.9 million, down 56% from the previous year.

The property investor says total rentals during the year grew from $17.3 million last year $19.2 million, while gross assets rose from $181 million to $216 million.

During the year the company purchased ten properties worth $34 million and sold five smaller properties and a $10 million property in Bowden Road in Auckland.

Chairman Allan Lockie says PFI has maintained an aggressive approach in respect of property valuations, ensuring that properties were fairly valued to market and, as a result of devaluations, the value of PFI's portfolio has been written back by 2.4%.

He says 42% of this revaluation figure related to just two properties.

"This reinforces PFI's strategy to divest investments that no longer meet its long term investment criteria," he says.

PFI has announced a final net dividend of 1.54 cents per share with imputation credits of 0.54 cents.

"PFI's core portfolio has continued to provide resilient returns for shareholders," says Mr Lockie.

"PFI has a high-quality, well-located portfolio leased to predominantly blue-chip tenants. This, combined with an average weighted lease term of 7 years, provides investors with a sustainable dividend income."

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