Improved quarter for Property for Industry

By Phil Boeyen, ShareChat Business News Editor

Monday 30th April 2001

Industrial property investor Property for Industry has posted a strong jump in third quarter profit.

For the three months ended March PFI's surplus grew to $2.902 million compared with $2.039 million previously. Revenue rose $1.1 million to $5.6 million.

The company will pay a quarterly dividend of 1.3 cents per share.

Chairman Allan Lockie says the dividend is consistent with the company's levels over the past year. PFI has a policy of paying out 100% of its earnings as dividends.

In early April PFI raised $13.78 million through a private placement of shares and says planned divestment of existing, non-strategic properties will provide additional capital.

Mr Lockie says PFI's board believes a number of attractive expansion opportunities remain available to the company.

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