7 May 2012

Property company quarterly result down

11:11 am on 7 May 2012

Underlying quarterly profit at Property For Industry fell, due to property sales.

Distributable profit fell 8% to $3.7 million in the three months to March compared with the same period a year ago.

Revenue declined 5% to $7.4 million, which general manager, Nick Cobham says is mainly due to the property sales over the past year and lower occupancy rates.

The company's portfolio is currently 96% full and Mr Cobham says filling those vacancies remains its major focus.

The company declared an unchanged payout of 1.55 cents per share.