Profit rises 5.7pc for PFI

Sunday 18 April 2004

Listed property investment firm Property For Industry (PFI) yesterday posted a $3.2 million net profit after tax for the March quarter.

By The Landlord

The result, which was 5.7 per cent up on the same period last year, came from rental revenues of $5.77 million, up 5.5 per cent.

Interest costs were 25.6 per cent higher at $1.21 million because of extra borrowings associated with properties bought in the 2003 year.

The company said it would pay a dividend of 1.4c a share on May 7, up from 1.35c a share for the March quarter last year.

Earnings per share for the three months to March 31 were 1.60c, up on the 1.52c recorded in the same period last year.


Chairman Peter Masfen said shareholders participating in the PFI's share reinvestment programme would receive their shares at a 5 per cent discount.

PFI closed up 2c at 97c, its highest since January last year.

Read More - Opens in a new window
Commenting is closed

Property News

Investors not rushing to sell

There is no rush of investors looking to sell their properties in the post-Covid-19 market, according to the second joint survey from REINZ and economist Tony Alexander.

Commercial

Augusta Capital takeover bid now unconditional

ASX-listed Centuria Capital has declared that its takeover of New Zealand property funds manager Augusta Capital is now unconditional, as it has secured nearly 66% of Augusta’s shares.

Mortgages

Advisers buoyed by strong property market

The New Zealand property market has emerged strongly out of lockdown, according to mortgage advisers, who say they are busy as ever this winter.

Site by PHP Developer