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.

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