Property For Industry first-half profit rises on rentals

Profit rose to NZ$8.05 million, or 3.81 cents a share in the six months ended June 30, from NZ$7.58 million, or 3.63 cents a year earlier, the company said in a statement.
The figures exclude deferred tax and unrealized fair value changes in interest rate swaps.

Shares of Property For Industry rose 1.7% to NZ$1.18 and have declined 20% this year, outperforming the benchmark NZX 50 Index. Rentals rose 7.9% to NZ$16.5 million, reflecting rent reviews, acquisitions and development projects, it said.

About NZ$820,000 was added to the company's annual rent roll after it completed 19 rent reviews, for an average increase of 9.3%. It plans a further 19 rent reviews this year.

Interest costs rose 27% to NZ$4.7 million, reflecting increased borrowing and higher interest rates, it said.

By Jonathan Underhill

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