PFI reports higher profit

PFI

1.180

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0.85%

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Property for Industry (PFI) increased its interim profit by 6.1 percent to $8.04 million on a 7.9 percent increase in revenue.

The industrial property investor said interest costs were up 27.1 percent to $4.74m due to higher interest rates. Revenue in the six months to June 30 was $16.514m.

PFI general manager Ross Blackmore said the proceeds of the two divestments, totalling $27.15 million, had reduced PFI's debt and enhanced the company's capacity to fund its in-house development pipeline of higher-yielding projects.

PFI declared a second-quarter dividend of 1.55c per share plus 0.509c imputation credits, payable on August 19. This brings the total net dividends paid in the interim period to 3.1c per share, 1.6 percent higher than in 2007.

NZPA