PFI sees tough times ahead

Listed industrial landlord Property For Industry says tenants are facing challenging conditions and this will affect its performance for the rest of the year.

The company yesterday announced a $7.9 million net operating profit in the six months to June 30, down 1.6 per cent.

General manager Ross Blackmore said times were tough and the time it took the company to find tenants for vacated space would sway performance for the year.

The company owns properties valued at $349.7 million and a revaluation resulted in an unrealised net reduction in portfolio value of $20.9 million or 5.6 per cent over the six months.

The company has raised $45.3 million in the last year via asset sales and that has cut the company's debt.

Gearing at balance date was 29.3 per cent, below the company's self-imposed threshold of 35 per cent.