PFI hit by one-off adjustment

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Property for Industry (PFI) yesterday announced "consistently-high portfolio occupancy" resulted in a 16.7 per cent increase in net operating profit for the first six months.

But the Auckland-based property investment company required a one-off, non-cash adjustment as previously advised due to the Government's Budget announcements in May.

PFI needed to show an additional $35.31 million in deferred tax liability as it is no longer entitled to claim tax depreciation on its buildings.

As a result, despite recording a $9.2 million net operating profit, the company had a net loss after tax of $29.03 million. It compares with a $15.74 million loss in the same period in 2009.