Property for Industry profit up

Property for Industry yesterday posted a net profit of $3.38 million for the three months to March 31, up 5.1 per cent on the same period last year.

Earnings per share were 3.8 per cent higher at 1.66c.

PFI said it would pay a dividend of 1.425c per share with 0.391c of imputation credits attached.

Chairman Peter Masfen said a big boost to income was a 9 per cent increase in rental revenues for the quarter to $6.287 million, compared with $5.76 million in the year-earlier period.

Masfen said the increase reflected high portfolio occupancy, a successful rent review last year and new income from acquisitions and developments.

PFI highlighted the $4.65 million acquisition of a showroom/warehouse complex in Mt Wellington and the construction of a $1.56 million complex in East Tamaki.