21 Feb 2011

Property For Industry lifts full-year profit

3:21 pm on 21 February 2011

Property For Industry has boosted its full-year underlying profit, as its rents rose and it leased more of its portfolio.

The industrial property landlord made an underlying profit of $18.1 million in the 2010 financial year, an increase of 14% on the previous year.

Its rental income rose 3.5% to $32.5 million, because of new developments, rent reviews and an acquisition late in 2009.

General manager Ross Blackmore says the result has also been boosted by high occupancy in the company's 52-property portfolio, which reached 99.5%.

Property For Industry will pay a final dividend of 2.4c a share, which is the same as last year's.

Mr Blackmore says property values and rents stabilised last year, and the vacancy rate in Auckland industrial properties is improving.

He says the company's well positioned to take advantage of the gradually improving market, and cope with the rising costs of tax and credit.